And furthermore they lost most of their best engineers and scientists during the years that the company was run by the useless MBAs. Now each new technology process is a huge struggle. Intel has secured some of the first new gen EUV machines from ASML, but if they'll have the talent to quickly start using them on scale is not yet clear.
Somebody from Intel who had a PhD from my school and manages a bunch of process engineers was on sabbatical and teaching a class at his old department, some of whose undergrads I taught. I visited an info session he was presenting and pointed out that I had been a green badge in JF5 for Validation and that they had a reputation of not matching ASML and Nvidia offers. He went ballistic on me and told me to go work for them if I got an offer from them and that he wouldn’t want me on his team with that attitude. While I am sure all the other people in the room who were F1s and undergrads still wanted jobs and he answered their questions honestly as far as I could tell (saying Intel would be bankrupt without CHIPS act money etc) that can’t have been a good look for him. I did leave the room only after telling him I wanted his company to succeed.
You're right - this is another problem for Intel. They have a reputation for underpaying engineers, so the best and the brightest go elsewhere.