Im still bullish on them at this price though. The terafab (already under construction) collab with Elon and 14A being the most powerful chip when they get it right has a lot of potential.
Intel bring the knowledge but doesn't operate and it's not the only partners in talk. They are not tied into the production at any step beyond the blueprints.
Knowing them they'll have all this stuff online just as the AI bubble pops. Basically the same thing they did when they belatedly tried to get into mobile chips
I'm still salty at them for fumbling Optane, Gaudi, Altera and the Xeon Phi. the company seems like it's full of talented engineers working under terrible leadership.