IMHO, Intel has a very safe position for the next few years. First, it's a seller's market, there's no one who can replace Intel's chip output. They could have

IMHO, Intel has a very safe position for the next few years. First, it's a seller's market, there's no one who can replace Intel's chip output. They could have stayed on 14nm and still sell all their stock. Second, the US government is clearly not liking where the chip market is, and is going to spend a lot Intel's way. So income is guaranteed for that time. The real threat is in the longer term. If the company loses technical relevance entirely, and loses marketshare enough the market can replace them. Then the US gov pulls away and Intel becomes Via or GlobalFoundries. The current strategy is exactly the right one to prevent that: spend their current capital to be more competitive and regain marketshare. Meanwhile open up the foundry - both to be more receptive to external developments, and get easy money in the car sector. IMHO, there's no reason Intel can't pull this off. Unless management is entirely oblivious, and this one doesn't appear to be. Intel's scale is large enough to innovate, and they've had fat years to build up a cash reserve even before Uncle Sam gives an infusion. The previous position is unattainable, but Intel can remain a major player in the years ahead.