I understand the part where Intel is trying to get external customers interested in the output of their fab by exhibiting an implementation of an ARM processor.

In the past I understand that they did some custom implementation of Xeon cores for hyperscalers, but the meat and potatoes was the chip they designed.

Do we take this to mean that the current leadership assess the value proposition -of Intel- to be in the /making/ of the chips, akin to TSMC, and not in the /designing/ of them, as in all past seasons at Intel?

I suppose a key factor here is how far from reference this chip is. If they mean to innovate in ARM ISA territory, that's a development to ponder. But if this is a "we can also make those things" statement, I'm hearing bears in the woods.