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Also, a bit of an over-generalization saying "semiconductor companies".

My company is not fabless, and we are several generations behind Intel. And we don't care. For what we do, it's not a problem. We do not compete with Intel in hardly any market segments (and where we do compete, we win). AMD is their only direct competitor, really. Intel does make some stuff that competes with us, but it's such a small part of their business it doesn't matter.
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