Intel Corp (INTC)

[herb will]

"If Intel's depreciation of recent R&D+CAPEX aren't reflected in depreciation, then they aren't reflected in Intel's COGS"

What I said was that Intel's capital spending is included in gross margins when they are matched against the sales of the products they produce and Intel gross margins have historically been consistently 60+%. Whether that continues remains to be seen but Intel is confident they will.