The future of Intel is to split the company in two, one is the silicon design group (CCG, DCAI, NEX, etc) and the other is Intel Foundry. If the company splits right now immediately immense shareholder value will be unlocked. CCG alone will sell for far more than the current overall Intel Market cap. It is foundry that is a money losing burden that is dragging the rest of the company down.
In the long run, even foundry will be break even in a worst-case scenario. The US government, regardless of who is in charge and all US based companies like NVIDIA, AMD, AMAZON, MSFT, QCOM, etc have a vested interest in seeing Intel Foundry succeed.
Both to deter risk of too much reliance on TSMC in Taiwan ... geopolitical risk but also to have better negotiation power. If Intel foundry fails ... TSMC can basically price their wafers however they way and there is nothing the customers can do about it, TSMC will be a king maker.
Intel foundry alone will sell for far more than the current Intel market cap if nothing except for it's factories, processes, employees and fab manufacturing tools! If it is truly open market, it would be bought up almost immediately by international competitors or even one of the major domestic companies. $100B is really chump change for Amazon, NVIDIA, MSFT, Apple, etc. The proprietary access to tools alone is worth $100B.
To turn Intel around, it really needs more cuts. I suspect 15K is just a start, with another 10K from voluntary attrition (from people who leave afterwards after losing trust and culture). But Intel should be around 80K or less. Compare total combined workforce of TSMC, NVIDIA, AMD with Intel. Too much bloat at Intel even after the current HC reductions. Then be methodical in R&D, no need to be fast at all just actually have a real shot of executing. Perhaps pushing on the schedule too hard may be counter productive to real progress. After all ... physics is a real limiter for everyone in the world and sooner or later the advancements will stall and Intel will be able to catch up in all likelihood.
Then it's really a matter of splitting the company up into two. This whole IDM is not going to work, no company will give out their designs 3 years ahead of time to their competition even if they are "independently" managed ... Foundries should not compete with their customers and Intel has basically taken steps towards that vision with the independent split of business units ... sooner or later, it it will happen.
Most likely a company will make a stock & cash combined offer for Intel, I would estimate $175B to $250B range to have full control. The government will also then not have to babysit this company and keep feeding it free cash grants (non dispersed yet so that will also be a value catalyst when it happens later this quarter... will not wait until new administration to swear in).