Intel Corp (INTC)

[herb will]

"Intel's 14nm fab expenses haven't even started depreciating yet... "

Cost of Sales begin when there are sales?
One thing is soberingly clear when looking through Intel's financial statements, Cost of Sales, depreciation, Fab spending, etc is that Intel is spending money on capacity like a drunken sailor. Capital Spending $11 billion in both $2011 and $2012, and likely another $11 billion in 2013! $33 billion in the last three years. I can already your snickers!
But look, 14nm due soon, 10 nm in 2015, demonstrated a fully-patterned 450 nm wafer in January, broke ground on a 450 nm wafer fab in August! (450mm said to yield roughly twice the number of chips than 300mm wafers ). Whew! Anyone else close?