Shareholders bought Intel as a continued bet on home computing being relevant. Investors were already wary ever since AMD's Ryzen put them back on the map for x86, but the M1 had a big marketing wave that it demolished confidence in Intel stock. It's not the investment it was 10 years ago, and
part of the security is gone.
On the other hand though, Pat Gelsinger has done a pretty good job holding the reigns at Intel so far. Their expansion into ARM fabrication, aggressive node timeline and GPU lineup gives me hope for the future, and the datacenter still feels very Intel-oriented from my perspective. It would be very difficult for them to squander every foothold they have today.