Intel Corp (INTC)

[Elmer Phud]

Spokeshave -

your estimate of $25 of less is probably a pretty good one, but the number is meaningless without R&D and depreciation.

I wish we really understood depreciation. Over how many years is it written off? If we knew that we could get a pretty good number per wafer with some basic assumptions about fab loading. Add that to the yielded die cost and you're close to the mark. R&D expense is going to be a function of volume.

EP