The problem with Intel, as I see it, is an inability to get new designs to production, and a low tolerance for market growth versus market sustainment. They’ve

The problem with Intel, as I see it, is an inability to get new designs to production, and a low tolerance for market growth versus market sustainment. They’ve been a disaster at acquisitions, being totally fine with wasting billions on failed outside investments without any program for internal ventures. The latest focus on “Intel is now a data company” is just complete denial of the reality. But the margins are awesome, and I’d reject any notion that they should erode that with fab services. They need more of the high-volume, high-margin Intel-designed chips that have been their hallmark. Everything else is a distraction. Some of that depends on identifying new forms of computing. Therefore, it makes sense to do technology experiments, but lately Intel has focused on market experiments, where they are not really developing new technology, but building internal organizations with sales, marketing, and product management that dwarf engineering. This is a problem not just because it diverts resources, but because nobody really knows what Intel is anymore. Engineers don’t feel like they are working in an engineering company anymore. Intel’s margins are great, and despite the negative prognostication, their market position is still dominant. Even the engineering talent at Intel is still some of the best, although the management is somewhat deliberately not their best representation. They Just need to focus on being an engineering company again, ignore sales, ignore acquisitions, and invest in their own people to do the experiments that will lead to the next ubiquitous high-margin chip.