My take is kinda the opposite. It is like a WWII movie where the ship is rudderless and the enemy submarine is circling around and they're wondering if they need one or two torpedoes to finish it off and the captain is on the bridge shouting that the king is still on the throne and the pound is still worth a pound.
Intel becoming the best foundry in the world might be the only way they can sell vastly more chips, but it's not easy; and it's not being headed by a turnaround king, but rather the master of harvesting (why is there still vmware around since virtualization became a feature of chips and operating systems?)