For Intel the interim CFO made CEO was actually executing a strategy that might have worked. I was pretty sure Gelsinger would be a catastrophic mistake because he wasn't a fabrication guy (but maybe they couldn't hire one?) and I'm sad to see this playing out. His strategy depends on one difficult to impossible, and one impossible thing: regain the ability to move to new nodes on a very fast time scale and change the corporate culture to accommodate foundry customers without buying such a company.

By now without having heard of mass firings of incompetent managers but plenty of reports it's still a snake pit or clown show if you prefer, and the latest capex decrease of $4 billion says nothing good. Even if the latter is just that they can't buy the machines they need.

While I'm at it, how well is their 10 nm now Intel 7 node at shipping parts? That was when Intel's decades of bad top level technical management snared their crown jewel.