Intel’s new CEO has promised to clean up the balance sheet, slim down the company, return to a culture of engineering, sharpen its customer focus, shore up its products, become a world class independent foundry and lead Intel for as long as it takes to achieve success, however that is defined. As our audience knows, unlike most other analysts, we have aggressively emphasized the icebergs ahead for Intel since 2013, culminating in our prediction that Intel would go bankrupt trying to execute on its most previous strategy. While we would have preferred a different approach to Intel’s foundry - i.e. JV with TSM - Lip-Bu Tan at least has what we consider to be a viable go forward plan. The steady state outcome of this new direction, however is far from certain.