I said this yesterday in a different thread, but Intel needs to jettison its design business and just be a foundry. Pulling a reverse AMD. I don’t think they’ll be able to meaningfully acquire customers for their foundry business unless they split the company. I also think their foundry business is the one thing that could cause the stock to soar, and was historically what gave them their edge. I think there is a lot of demand for another possible fab outside of TSMC[1] because of the risk China poses to Taiwan but only if there is a process advantage. Right now TSMC has proven itself to be stable and continues to deliver for its customers. Intel is playing catch up, and sort of needs to prove it’s dedicated to innovating its fab business. I don’t think competing with its potential customers is a way of doing that.

[1] I know Samsung has foundry services (among others) but I don’t think they have the leading node capabilities that really compete with TSMC.