Intel Corp (INTC)

[Redwood1205]

I think at their last CC QualcomM guided next year down a lot more than Intel. We will see how they do.
There are ALSO continued declines forecasted for TSMC. Orders are a lot weaker than when tsmc forecast Q4 revenue down more than 10%. Intel's will be up. Reports are the weakness at TSMC will last through most of Q2 2014.
This will definitely reduce ARM royalties in Q1 and Q2 because of normal one quarter delay in royalty reporting.
It is amazing ARM and Qualcomm hold up with the slow down in tablets and smartphones combined with Intel's aggressive entry on price. It is certainly the case that ARM suppliers are cutting wafer orders with TMCS.