Intel Corp (INTC)

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You grossly overestimate the portion of the iPhone BoM that is the applications processor, IMO.

A foundry has thousands of customers and most of them are on the n00b
end of the spectrum. The design rules and methodologies are in bright
primary colours and built with lots of cushioned foam for their protection.

At Intel the designers on the physical side of IC design are expected to
juggle chainsaws and work hand in hand with process developers to learn
how to do it properly. That is part of controlling your destiny.

That's kind of a huge negative for their foundry efforts...