Markets are won and lost in transitions. There is a big one coming when smart phones move to 64-bits and JP Morgan would have Intel bail just before they hit that transition. There is no question that to date, Intel continues to shoot behind the duck on phones. But given that they are actually at lower power levels than ARM now and have brought a foundry capability on line going into this Richter-9 level market change, the suggestion to now snatch defeat from the jaws of victory is laughable.
Isn't this the same kind of quarterly-focussed financial wizardry (from the same wizards) that landed us smack in the middle of 2008?
JP Morgan's assessment seems very short term, bottom line focused -- typical Wall Street. On the other hand, Intel has been pursuing the smartphone business unsuccessfully for years. Remember its StrongARM and SoC with flash initiatives?