Companies, especially in Tech, wax and wane.
When they have any sort of competitive moat (even a languishing one like x86) that buys them all the time in the world to correct for even the most massive, egregious strategic blunder (no need to mention the Intel 'Doh' list, it is common knowledge).
The Board should be fired and the stock price getting to the $7 to $12 range should bring forth a hostile takeover or other activists. I think the price gets there as part of the ongoing sector retest and that the ELT will speak of nothing but unicorns puking rainbows all the way to the bottom.
Thus would end the downside risk.
Then, eventually, 18A will be a viable thing and some random Product group will stumble upon something that is competitive against those hordes of ARM developers.
Sh-t Happens, and the stock then tries to realize the upside potential ($30?).
Fact is, Intel for the past couple decades has been a great trade and at times, wildly more volatile than the semiconductor index. Now more than ever.