When I made this argument to a bond trader that I know, he told me that I was under pricing the ability to sell the bond, the liquidity feature of buying the treasury.
While there may not be pricing power, the ability to segment very granularly in marketing efforts is what is going to allow marketers to continue to grow, he said.
While processor speed often grabs the headlines, more important to the business success of chip manufacturers is the pricing of the chips and the ability to supply them.