Intel Corp (INTC)

[mas]

You keep on talking about fabless as though it had a basic cost.

... which would be the ~40% profit margin in die cost the independent Fabs charge them for producing their dies. As both Samsung and Intel have core business products which fund their Fabs outright this means individual series of products can be produced at raw wafer cost or even less to get market share. Unless the fabless ones have really great unique IP or great wealth, in the long run they are all toast with only Apple, Samsung, Intel and maybe Qualcomm left standing.