But investors are a forward-looking lot, and the future of computing isn't so much in PCs.

Mobile device sales have been exceeding one billion units a year, according to research firm Infonetics, and smartphones are the fastest growing segment within that market. Mobile devices are one of the few high spots in a tech market submerged by spending cuts.

Intel is falling on the wrong side of that trend.

-- Written by Scott Moritz in New York

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