Certainly a possibility, given its conservative inventory position. A rebound in the PC market combined with lean inventories like these could make for a very nice gross margin scenario.
If this is the case (as an INTC owner I sure hope so...), don't say I didn't warn ya, back on Jan 14th....
"One number that caught my eye was inventories. As of December 09, Inventories as a % of revenue was 28%, versus 46% a year ago. Intel is entering the new year LEAN, which looks to me like a potential for upside on margins."
A look at their inventory going back 16 quarters:
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