IMO, Intel is circling the drain and will die without intervention. And their death will have some pretty crazy ramifications.
If the US had competent leaders, they’d realize Intel was important to global security, and they’d come up with some sort of way to break up the fab and design business.
No one wants to send their designs to Intel’s fab because they don’t want Intel to copy their homework. That’s why Intel’s design competitors use TSMC. And TSMC scales faster because of increased money and experience.