Do you have a link for that? I can't find it. 80% seems very high based on what I have been hearing around the ecosystem.
Here is a cut/paste from the Bob Swan Q&A at the Credit Suisse 24th Annual Technology Conference (Transcript) on 12/01/2020 (Tuesday):
John Pitzer
Well, Bob, just my last question on the manufacturing front, before moving on to some of the product cycles. We know how the IDM business model works through the P&L. We also know how outsourcing non-CPU transistors work through the P&L because you're doing a lot of that today, 20-plus percent of your revenue stream today is outsourced. I'm kind of curious to the extent that this becomes an outsourcing of CPU transistors. How does that work its way through the P&L from a gross margin, op margin, free cash flow perspective? Is it a meaningful change from some of the longer term targets that you've discussed in the past?
Robert Swan
Well, I mean, first, as you said, we do a reasonable amount of leveraging third-party foundries today in the 15% to 20% range. And over time, I expect that with a more disaggregated design that for that to increase and give us more flexibility in both how to deliver products, but how to deliver differentiated economics within an IDM model, but in more flexible IDM model. But I think simply put the more we leverage a third-party foundry, number one, all else equal, gross margins come down a little bit.
Number two, all else equal the capital that we need to deploy for how volume manufacturing comes down a little bit and the effectiveness of return on capital, the challenge is making sure return on capital growth doesn't shrink in the evaluation of the magnitude of, if, when and what we leveraged third-party foundries. And that again is part of this evaluation, as we think about 2003, is what – how do those trade-offs manifest themselves in terms of market share, ASP capture and the cost of the product that we make or buy relative to the capital that we need to employ. So those are the inherent trade-offs that we try to manage to get to the right answer for 2023, 2024 timeframe. Even I was surprised by the levels stated.