Intel Corp (INTC)

[Sarmad]

Tench,

In my opinion you underestimate the burden of $4B in debt for an asset that is not only not paying its way, but is losing maybe $100m / year. That should eat up 1/4 of AMD's profit in a good year. And all of it plus in a bad year. Dell can choose to subsidize ATI, if they were getting state of the art processors. But I doubt they'd do it just to get a flood of middle and low end.