They missed two epochal changes in the semiconductor industry - mobile and AI/GPU. They don't have a contract foundry business that could compete with TSMC. They appear to be failing with the thing the originally should have been capable of, their next gen chips.
When they missed out on mobile it appeared to be a big blunder, especially when one considers the long term impact of electricity usage in datacenters. When Apple released the M1 chips that could run x86 faster than native, it was clear what was going to happen to Intel. Intel is now done -- dead, finished. This is a legacy business where the owners can try to get more money than they paid for it, but if they have to put up new capital (that isn't free government money), they will not be getting their money back.
