Intel Corp (INTC)

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Not really..it will most likely be Qualcomm & MediaTek..but Intel will probably lose a ton of money before they understand that

Apart from integrating off-the-shelf ARM/ImgTec IP, what does MediaTek have that Intel doesn't?

Intel will have its own fabs (cost structure edge), leading process tech (cost structure/performance edge), can subsidize much of the R&D by selling the same basic core/SoC designs into multiple end markets, and generates more FCF in a year than MediaTek does in sales per year.

Long term, I don't know why people think Intel will "fail" here - this isn't magic. Intel can do this. Whether this will happen in a time-frame so as to make INTC a good investment is another discussion entirely.

But yeah, as far as modems go, Intel's XMM 7260 is far ahead of whatever MediaTek has today, and in phones, as you say, the modem is for the dough