It seems Intel runs of of money before they can see the results of the foundry comeback attempt. If comeback plan succeeds with A20 and A18 (PowerVia + RibbonFet) they are fully back in game late 2025. If the comeback fails and Intel Foundries drops permanently behind Samsung and TSMC, they are drowning in debt.
AMD did GlobalFoundries spin-off 15 years ago and it was the right choice.