“Piper Jaffray’s Gus Richard today reiterates an Underperform rating on shares of Intel (INTC), and a $20 price target, writing that the company ‘keeps investing in fabs and process technology that is likely to result in diminishing returns, in our view,'” Tiernan Ray reports for Barron’s.

“Richard’s first point of concern is the article this morning by Jessica Lessin, Lorraine Luk, and Juro Osawa stating that Apple (AAPL) has signed a long-rumored chip deal with Taiwan Semiconductor Manufacturing (TSM) to move some production away from Apple’s chip supplier and arch-rival, Samsung Electronics,” Ray reports. “Despite Intel’s lead in chip technology, Richard actually thinks TSMC, IBM and others pose a credible threat, in part because Intel doesn’t have the right intellectual property to fill the fabs.”

Read more in the full article here.

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