Have you considered the structural implications of INTC float held by dividend ETFs alone[1], and how certain fund managers would be compelled to take action if all of a sudden Intel just stopped distributing a dividend? E.g. compare INTC holdings of Vanguard VYM[2] v. VanEck SMH[3] for about 5 minutes.
> It really makes zero difference to the valuation of a company.
Are you sure[4]? This is a bold, unsupported assertion without a single cite, as if to imply that valuation isn't a subjective craft practiced by people from diverse walks of life.
[1] https://www.etf.com/stock/INTC
[2] https://investor.vanguard.com/investment-products/etfs/profi...
[3] https://www.vaneck.com/us/en/investments/semiconductor-etf-s...
[4] https://www.cfainstitute.org/en/membership/professional-deve...