Once the market value is low enough, Intel could be taken over by a PE firm with a plan to sell off the divisions then IPO Foundry.
I'd expect roughly 30% headcount reduction, but that is going to happen anyway.
Product groups can use TSMC to be reasonably competitive but that drives down margins so much that they would have to reduce headcount to compensate.
18A will not be an alternative till later next year, assuming it continues to progress as currently expected. This was the runway where Pat was trying to land, before he bailed (or rather was kicked out) with his golden parachute.
Any attempt by the incompetent BOD to get a CEO (or a flock of CEOs) to hold the existing structure together will accelerate the stock collapse, hastening the day when the company is taken over.
The outcome remains the same either way.