Intel Corp (INTC)

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Intel's capex for logic fabs is now down to around $7.5 billion/year. Do you really not think that ~$46B of annual X86 MPU revenue can't keep those fabs busy?

The "Intel has excess capacity" meme is getting really tiresome as it's simply not true. Intel had excess capacity in 2012/2013 when the company put in a ton of capacity for PC demand that not only didn't grow as expected but actually shrank. This capacity/demand mismatch led to a short term impact to margins (excess capacity charges first and then when the pain eased, it just led to high product costs for a while), but since then they have pretty much brought capacity in line with demand.

If Intel wins substantial mobile business, it will need to put in incremental capacity to support it.