Time to short Intel?
I can't see Intel's high profit margins surviving with this pattern. As pointed out in other stories today, buyers are shifting from quality (faster chips) to quantity (cheaper chips). CPUs are becoming a commodity. We see this both in the server market, where Google/Amazon/Facebook's vast data centres rely on huge numbers of cheap commodity chips, and in the consumer market, where buyers are snapping up cheap new ARM tablets and clinging on to their old Intel laptops for as long as possible.
Developers are complicit in this: they are coding for low-spec computers, rather than the old habit of coding for tomorrow's desktops and forcing the user to upgrade. A website designed for iPad users will run very smoothly on even a four year-old PC. The need to upgrade is weaker than it has ever been in the past three decades.
Faced with cheap ARM chips entering the server market, and ARM-powered Chromebooks in the consumer market, how can Intel's high margins possibly survive?