Couldn't agree more. I think the "hole" is in some people's head, not really a hole that Intel has fallen into. After alot of R&D Capex we may well catch up with the Casio pocket calculator you get for free when you open a checking account somewhere.
I think we can attribute all the revenue issues at Intel to two exogenous causes, in ranked order: (1) Steve Ballmer's Win 8, 8.1 and (2) a genuine global slowdown that has been hinted at for months now, but seems to be breaking out in full glory today.
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