Certainly Altera will go and the company should sell off its stake in Mobileye.
Then stop or preferably sell all product groups which fail to have traction.
When Intel had dominant datacenter market share, it (maybe) made sense to sustain unprofitable groups in order to be a provider of end to end systems.
But that was yesterday and even if the company was able to find dominance again, it will be by doing something different.
Once customers shift to ARM solutions they are simply not coming back to a single source provider. Even AMD is a loser in this shift away from x86 to ARM.
So I'm expecting headcount reductions through divestiture, more than any further mass layoffs. The caveat is if the next CEO (aka Lip Bu Tan) wants to keep the product group structure but make it lean. But even then they are likely to divest Foundry.
The surprise would be if a private equity firm did a takeover, because that would lead to mass layoffs as they prepare to sell off the entire company.
Opinions abound as to what happens next, but I think it is easy enough to see the likely outcomes in each scenario, and everything which is likely to happen would be good for the stock, imo.