Great keynote and clearly it's a massive improvement to have a former silicon veteran at the helm again at Intel. For all the major announcements made, I think looking at them in context of the industry and other competitors reveals some interesting nuances:

1. This is Intel's proverbial hailmary rather than "unleashed". The industry is moving on from x86 and with its other bets (e.g. radio modem, mobileeye) not paid/paying off, the revenue will quickly nosedive within the next few years.

2. IDM 2.0 is an involuntary move due to Intel's loss of both performance leadership (to AMD/ARM) and fabrication node leadership (to TSMC). Clearly their factories are becoming liabilities and opening up to outside business cushions the freefall.

3. 2023 is a long time away in the silicon industry. As pointed out in Stratechery, 7nm is actually further delayed than what Bob Swan previously announced. Apple is rumored to be on TSMC 3nm this year and AMD will likely move down to 5nm by next year. Unless Meteor Lake is a massive performance uplift, then it may not change the overall trajectory. Intel's saving grace at this point is the capacity constraints at both TSMC and Samsung.