I'm not concerned about micro servers, I think Intel has done a great job getting started here. I'd be more concerned about new mobile designs and Samsung becoming the Intel of the mobile world.
I think the biggest threat will be ARMv8 in the client notebook/desktop space. Imagine what "good enough" very cheap ARMv8 SOCs could do to Intel margins.............probably at least a year away but think Intel will be attacked by multiple players.... ideas....anyone?
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