Qualcomm's initial strategy was to make complete systems, analogous to Tesla's decision to design, manufacture and sell cars. Qualcomm started out making complete mobile network systems (based on cdma technology), and then slowly, step-by-step exited those other businesses to become the semiconductor supplier that it is today. Qualcomm once sold handsets and cellular network gear. Now it just designs and sells chips. I suspect that Tesla's path may be similar: it makes both cars and components today, because the toughest function is to engineer the entire system. Once the system design settles down in a few years Tesla may decide to sell batteries, or more likely batteries + power system controllers + engines, to lots of other carmakers. And in turn decide that the component business is better than the 'car' business. Gundlach may ultimately be right, but he is most certainly way, way too early for that strategy change.

I talked w/Dr. Atala at TED. He has printed real kidney fragments, implanted them in cows, and they've produced urine. The current limiting factor is nourishment for the kidney cells during the printing process. Thus, the 'total print time' is limited, which means he can make only small kidneys at the moment. He says the likely first application will be 'augmentation' kidneys for sufferers of kidney disease, not full replacements. And this is still years away. The device on stage at TED was his actual kidney printer, but I have no idea what it was loaded with during his talk. Perhaps some low-cost filler material rather than carefully (and expensively) prepared kidney cells or stem cells or whatever it is he prints up in the lab.