Intel doesn't get IoT. BK and his cronies think that IoT means "Take a PC, shrink it down and put it in a car/fridge/TV". I could go to Best Buy and get an Internet connected fridge over 10 years ago, and that crap failed. Cars already have what essentially amounts to PCs in them. That is not a new market either.
The IoT market is supposed to be about things that do NOT yet have a computer inside them. The chair I sit on. The plate I eat from. The whiteboard I write on. The garden hose I use to water my plants. And yes, there are use cases for each of these, but Intel is not innovative enough to see them. And even if they did, Intel does not have the ultra-low power chips to compete in these areas. That is completely the world of ARM and custom chips.