There's also the looming overhead caused by all the government subsidies that Intel has been taking. Building fabs means hiring people to work in those fabs wh

There's also the looming overhead caused by all the government subsidies that Intel has been taking. Building fabs means hiring people to work in those fabs which is a huge operating expense Intel may be obligated to cover once construction completes. It would be very interesting to see the contribution agreements that Intel has signed with various governments to gain a better understanding of the scale of that future liability.