Are cephalopods intelligent?

Cephalopods have the largest and most complex brain of any invertebrates and, as such, they are highly intelligent, particularly octopuses and squid.  They exhibit intelligent hunting techniques and some scientists argue that they are observational learners.  They also use their intelligence in the way they communicate with each other and in their dexterity.  In addition, there have been four different species of octopus that have been observed to use coconut shells as a form of shelter, taking it apart, carrying it to a new location, and putting it back together to shelter in.