Ian King

So that didn't help.

But then the production, which could help you out where you get more chips for a production run, what's called yield, if that had been better, they would have had more chips and been able to meet more supply.

So they've really left quite a lot of orders on the table here.

And obviously that is not good.

Well, I mean, I can refer you to what the analysts have said, which is, look, if you're out there looking for external customers for your factories, your factories have to be showing their best side.

They have to be operating at full, you know, as best they can.

They have to be working, you know, maximum efficiency.

If that's not the case, then that obviously hurts your

you know, your sales pitch to outside customers.

Yeah, I mean, this is him sticking to a line of kind of reasoning, which I think resonated initially with shareholders and then caused a little bit of concern.

Basically, he's saying, look, this is really expensive.

Building these factories and equipping them costs a fortune.

I am not going to do that until my customers say, here's an order that I can then turn into cash that pays for these factories.

So that's a very logical sort of down-to-earth

pragmatic sort of viewpoint, saying that he'll know for sure whether he's going to get concrete orders or not in the second half of this year and into the first half of next year.

So from the Wall Street perspective, that's like we're still in the kind of wait and see period in terms of whether Intel can become this kind of foundry, this rival to TSMC.

Yeah, I mean, fundamentally here, all our audience care about is, are we in a bubble or not?

And they just want any piece of information, any hint to explain why we're not.

And obviously, what he was saying was, there's lots of things going on.

There's new models.