Intel is building too many fabs without a clear customer to fill them, while not knowing how to do foundry with its tighter margins yet. Intel is used to cushy monopoly margins. Foundry has healthy margins, but not that good, and it only profitable for those who know how to run a lean and tight operation which has never been part of Intel's DNA(See why they exited memory...).
IBM is still around, Intel will find a way, the company can not remain the same. They must modernize, a lot more pain to go through and perhaps a hard split to come through the other side. Culture shift is very hard, All Pat seems to do is shut down successful projects and separate the only productive parts of Intel to separate units.
Intel's Core business is still rotten and decaying. This pain is part of the process of attempting to rectify and shed light on how bad it has gotten, I do believe something will emerge from this and Intel has a chance of competing but it needs to put in the hard work and make multiple changes it has refused to make for decades...
Either hard work, brains on maximum, a lot of sweat and blood, or Intel will be gone altogether sooner than later. Source: @lnn+1tUnYm5r.