I bought some INTC calls last week. They are reinvesting their substantial revenues into construction of new facilities, reflecting the view that semis demand will be elevated for some time to come. I think the semiconductor sector could see a dispersion of valuations as businesses make different predictions about how best to skate to where the puck will be. So far Intel seems to have interpreted the shortages correctly, whereas some other firms saw the shortages through rose-colored glasses.
