Intel has spent VERY Roughly, an average of 10B a year on r and d and p and e for the last 10 years, under Barrett.
It is my guess that some of the r and d was aimed at outfitting new fabs.
When you build a fab before you need it, and it never approaches capacity, and it is now outdated tech, you have WASTED money on building (part of) a plant that you never needed. The money spent to refit is ROUGHLY the amount that was premature misspent to "fit" it in the first instance.
Barrett is a production guy. To a hammer, everything looks like a nail. He over constructed on conservative demand and he pissed away a bunch on a lot of tech that has be since written off.
Also, take for example, all the 1.2B to 2B on Digi related stuff that is a complete loss. 700MM for the Level 3 acquisition? What was that about? Shotgun blasts in the hopes he would hit something.
Interestingly enough, your buddy, David Pottruck was canned by Chuck for (amoung other things) pissing away a Billion on Sound view and US Trust, which Chuck sold right after Pottruck left.
Acquisitions are fun and hide a multitude of sins.
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