$Apple(AAPL.US) The news that Intel secured orders from Apple has certainly fired up the market’s imagination, but dragging its valuation anchor up to match TSMC overnight is a bit absurd. IDM 2.0 isn’t the wrong direction, but historically, every major Intel transformation comes with several years of growing pains — and management execution always has its “letdown” moments. It’s understandable that Apple wants a more diversified supply chain, but capital market sentiment is getting ahead of itself. In the mid-term, the real fundamentals will be order volume and yield rates. For my own positions, I lean toward being cautious — I’ll wait until the revenue numbers actually show up before making any moves.