Glad to hear that they are actually switching to what is referred to as 'smart' capital, rather than spending like a drunken sailor on capacity that does not serve a customer.
If the semi tariffs are forthcoming then it they may need to ramp up the buildout but no reason to over their skiis on that. Any company who sees their costs double due to tariffs should have consequences for not moving some production to Foundry sooner. Not an Intel problem.
You can see the effect of having Stacy Smith and the current CFO as co-Ceo, in the sharp focus on cleaning up the balance sheet and income statement. That should increase the value of any divestitures and make the company more appealing in the CEO search. Longer term the company really needs a CEO with at least a product background or a technology background, but focusing on finances is the right thing in the interim.
Unless pressured by the govt to spin off Foundry, break up the company or do a takeover, I'd expect the status quo to remain until the new CEO is onboard. It would be awesome if that CEO selection resulted in some Board turnover (as a condition).
So as far as the stock, I think it remains in the recent range, at risk of being taken lower if the sector turns down in a demand recession.
Plenty of companies would crash in the event of tariffs, but not Intel. It is as much a contra asset to the sector as ever.