With their dominance of the PC processor market, I'm certain that Intel is aware of how much recent growth and profit was organic, which was part of the (slow) recovery, and which came from a pent-up PC upgrade cycle (backlog due to the Great Recession) and/or Windows 7 upgrades.
At times like these, it does seem like the semiconductor business is an unstable feedback system in which the oscillations increase in amplitude without bound, until something breaks.
But economic predictions are tricky, as you pointed out in regards to all those analysts who blew it on forecasting Intel's Q2. I think we will all agree that the electronics industry needs to stop these destructive cycles, but how? The problem extends far beyond our industry and includes macroeconomic factors that are beyond the control of individual companies.