Intel's problems, IMO, have not been an issue of strategy but of engineering. Trying to do 10nm without EUV was a forgivable error, but refusing to change course when the node failed over and over and over to generate acceptable yield was not, and that willful ceding of process leadership has put them in a hole relative to their competition, and arguably lost them a lucrative sole-source relationship with Apple.

If Intel wants to chart a course that lets them meaningfully outcompete AMD (and everyone else fighting for capacity at TSMC) they need to get their process technology back on track. 18A looks good according to rumors, but it only takes one short-sighted bean counter of a CEO to spin off fabs in favor of outsourcing to TSMC, and once that's out of house it's gone forever. Intel had an engineer-CEO in Gelsinger; they desperately need another, but my fear is that the board will choose to "go another direction" and pick some Welchian MBA ghoul who'll progressively gut the enterprise to show quarterly gains.