Intel Corp (INTC)

[wbmw]

Aside from the snide remark, that difference would build a fab or two.

QCOM can build a couple of fabs with their cash, but they cannot afford the run rate of keeping up with process leadership. Not unless they can commit to $15B in CapEx every couple of years. But even if they did, a "couple" of fabs would not be enough to service their volumes (currently 600M processor units expected in 2012).

Intel, by the way, is guiding towards CapEx of $11.3B, just in 2012 alone. You can't expect just anyone to be able to keep up with that kind of technology spend.