>> Where in the Intel's P&L do you think they were reflected?
Nowhere near gross margin. I think Intel uses depreciation for tax accounting, but not in gross margin calculation. If in fact depreciation of plant and equip was used in arriving at gross margin of 62%, no one would care whether Intel had three empty fabs or ten. No one would fret over how much Intel is expanding its capital spending. Who cares. It is is all counted and still the gross margin is 62%. If that was really how Intel did accounting the market cap would be 2x current, and the stock would be over $40/sh.
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