[ravst3s]

All Intel did was just report a new operating structure and re-allocate revenue and costs to that segment. So essentially expenses that went into manufacturing before are now just thrown under IFS. It's just a bunch of financial engineering.

New Intel financials: https://www.intc.com/filings-reports/all-sec-filings/content...

Old Intel financials: https://d1io3yog0oux5.cloudfront.net/_9bece0e2e2052ad835960e...

[mike_hearn]

It's not just financial engineering. It's a key step towards their goal of splitting the foundry and design businesses apart. They already manufacture chips they design on other people's foundries, and manufacture chips other people designed on their foundries. That's step one. Step two is to make both sides independently profitable.

At some point Intel might conceivably split into two fully separate companies.