[gumby]

None of these companies are pushing the process side and are able to run on old, well-depreciated fabs. Their business is uninteresting to the fabless giants. Why? After all they have old fabs too. But most of the embedded suppliers are forced to be low margin providers (often commodity or quasi-commodity parts only a couple of steps up the food chain from passives). They don’t have any margin to give away to the fabless guys.

Analog is a bit different in that “node” doesn’t really apply, but they are also not in the high value part of the value chain for the most part.