The market isn't really the greatest indicator of anything. Gelsinger has spend three years trying to turn Intel around and the company is only now starting to turn the wheel. It will be at least another three years before we see any results. The market doesn't have a three year patience, three months maybe.
I hold no opinion on Pat Gelsinger, but changing the CEO in the middle of ensuring that Intel remains relevant in the long term, seems like a bad move. Probably his plan for "fixing" Intel is to slow for the market and the board. Let's see who takes over, if it's not an engineer, then things just became more dangerous for Intel. The interim people are an administrator and a sales person, that does not bode well.