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 Intel (INTC) is unloved right now.  AMD (AMD) is kicking its
butt on the low end and making inroads in high end chips. 
Inventory is building up in the channel, margins are
compressing, and analysts are downgrading the stock.  Intel’s
stock has made very little progress in the last nine years. 
 However, on a PE basis INTC is cheaper than it has been since
1996. It is trading at below a 15 PE - even less if you back out
its cash.  INTC has over $10 billion in net cash and is actively
buying $25 billion of its own stock.  The dividend is 2%.  Apple
(AAPL) is using Intel chips (and gaining share).  Windows Vista
is about to be released which could drive a new upgrade cycle in
PCs.  Intel’s competitive troubles with AMD may take longer to
sort out, but INTC has the resources and infrastructure to out-
innovate AMD.  AMD may be ahead on performance, but Intel is
pulling ahead in price-perf