QCOM - Get Report) and ARM Holdings ( ARMH) have been beaten to death. At the risk of sounding like an Intel apologist, I believe the company's mobile advancements -- as modest as they may appear -- are steps in the right direction. NVDA - Get Report) and Advanced Micro Devices ( AMD). The company's world-class technological and manufacturing capabilities serve as one example. Also, while it's easy to discount Intel on the basis of the company's consecutive quarters of revenue declines -- including a 5% drop in the July quarter -- investors miss the fact that the company is still meeting expectations on margins, which have grown for the past several quarters. Intel's management expects more margin expansion this current quarter.
What this tells me is that as downtrodden as Intel may appear, management has figured out ways to bring back operational efficiency means that the company is still in capable hands. Not to mention, the company has laid down the foundation for its long term-success, which includes (among other things) perusing growth in China and emerging markets, and reinvesting cash flow back into research and development. In that regard, I'm willing to give management the time it needs to make the necessary adjustments to grow market share in that all-important mobile category. I know this is where things get sketchy. BRCM), but I believe Intel has the ability to emerge as a legitimate player not only in mobile devices but also baseband chips. That Samsung has chosen Intel's Clover Trail+ mobile chip processor to power its Galaxy Tab is a small step. But it's one that can turn into a giant leap. This also demonstrates that Intel is, in fact, able to optimize Google's ( GOOG - Get Report) Android platform, which some people in the media have argued Intel couldn't do. So as I've said on more than one occasion, taking a position here on Intel should be about what you believe the company is able to do the future. Judging Intel solely on a quarter to quarter basis doesn't work. Given management's plans to grow the company's chip business in the emerging markets, shares of Intel can command a long-term fair market value of $32 per share on the basis of improved margin and free cash flow. At the time of publication, the author held no position in any of the stocks mentioned. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.