In terms of business models, ARM and Intel couldn't be more different. intel (INTC, 18) leverages its lead in semiconductor fabrication technology to manufacture the processors it designs.

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Lead selenium is a semiconductor that has been used in infrared detectors and thermal imaging.

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Our favorite lead indicator, the semiconductor industry, increasingly points skyward, with Wall Street now beginning to catch on that there's an extended cycle here.

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The lead-time associated with upside in the semiconductor world is huge, sometimes as long as 26 weeks (supply is tight right now so this rule is in effect and Apple had major supply problems with the iPhone 4 and iPad).

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While Intel holds an monstrous lead in terms of market share in the PC semiconductor market (with around 80% of market share, compared with something like 10% for AMD, number two in market share), the company runs from behind in the mobile and tablet universe.

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TSMC's revenue growth will, sooner or later, lead to higher costs as well, because in the semiconductor business sales, raw materials and capital equipment are all priced in dollars.

ECONOMIST: Confusionism