I think you're missing the whole point. Intel's investments in 300mm Fabs over the last couple of years were intended to add capacity. They've accomplished their intended task. The ~220% increase offered by 300mm wafers means Intel doesn't have to spend the money on cap exp like they have in the past. The reduced cap exp is exactly why Intel invested as they did. This is going over your head.
I’m gonna keep trying to get that free lifetime iHUB membership :-)
I’ll bet you a lifetime membership ($130 value) that INTC does not close in single digits on any trading day in 2003.
The error you are making is to assume that P/E ratios should be low at the bottom of a cycle. That’s the mistake which proved immensely costly to investors who sold in 1982.
Some elementary arithmetic shows the wrong-headedness of that mindset: since “E” is in the denominator of the P/E ratio, the ratio itself should be high when “E” is cyclically depressed.
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