Agreed--sounds like Mollenkopf is wedded to Qualcomm's fabless history. I loved the last line of the article, which questions the entire idea: "Mollenkopf did not indicate how this would help Qualcomm compete with companies such as Intel or provide the company with guaranteed supply volumes."
This sounds like the journalistic equivalent of an accountant commenting that its client may have a "going concern" challenge... :)
It is good to have your own fab so that you can control your supply, but the cost of a new fab today is enormous. Look at the companies trying to go to fabless or fab-lite. If you can't keep the fab full and keep it at the cutting edge, you will suffer the costs.