If they cut dividends they get kicked out of a multitude of basket goods retirement products which will absolutely bomb the living fuck out of the stock price and send them on an even worse death spiral.
Also eventually the cost of losing all your good people, and failing to keep up with the rest of the industry will mean that 5% dividend is 5% of much less actual income.
If on the other hand you mean "raising funds" by selling stock in the company, then obviously you need that stock to be valuable when you actually need to raise the funds, except intel is only able to maintain its present stock price by destroying it's future revenue potential. e.g. its stock _only_ has short term value at the moment because of over paying dividends, if it needs to "raise funds" it means it no longer has the cash for the BS dividend so its stock will be worthless then.
Maintaining a dividend yield to enable fund raising, only makes sense if maintaining said yield doesn't require directly destroying the true value of the stock.
They have the cashflow to cover any R&D and capital investment without the need to depend on equity financing