https://stratechery.com/2024/intel-honesty/
All that noted, my initial response to the meltdown over Intel’s earnings was to defend Gelsinger; what is happening to Intel now is downstream of mistakes that happened years before Gelsinger came back to the company. That remains true, but Gelsinger does have one fatal flaw: he still believes in Intel, and I no longer do.
Here is the fundamental problem facing Intel, and by extension, U.S. dreams of controlling leading edge capacity: there is no reason for Intel Foundry to exist.
A very sober assessment of Intel.