The key question is whether the two legs should stay together. Even with excellent execution the risk is that x86 with its higher margins gets priority over the

The key question is whether the two legs should stay together. Even with excellent execution the risk is that x86 with its higher margins gets priority over the third party fab business which as a result remains uncompetitive. Independent Fabs would be ultimately able to compete with TSMC on equal terms - in fact on better terms for some clients as based in US. The fabs would be a growth business and x86 a cash cow. Going back in history the move which Grove is remembered for - ditching memories - was partly about improving focus. This strategy is doing the opposite.