”Samsung Electronics is still dirt cheap” because it depends on an enormous support from the South Korean government. Samsung’s situation is similar to the situation of Global Foundry. South Korea may not continue to support Samsung.
Umh, why? Samsung's cash flow easily supports its Capex. Samsung has a much higher cash flow than Intel. I don't see any more dependency on the government than Intel , TSMC and the others (they all get subsidies for their fabs)