TCE. Well, my view is that all these are not fully baked in - at least in the mind of investors.
Investors seem to be still shell shocked with the 12k layoffs and the cancellation of the smartphone SOCs. PE is still a measly 13.54 even after these measures.
Regarding Micron, I think there is significant concern that the DRAM business will suffer with the adoption of 3DXP on DIMMs. That is a huge negative for the stock.
Yesterday, there was an article that Samsung may suffer in 3D NAND with Intel/Micron significantly increase capacity. Intel may not do well with a standalone offering in 3D NAND, but a bundled offering may give it an edge.
The icing on the cake would be 3DXP - if it is released on time and rapidly adopted.
Do you have any other rational explanation why Intel would break out the memory business in Q1 2016? I really hope that you don't think that as a whimsical decision on the part of Intel management - now that would make me question your judgment :)
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