Definitely worth a read. From Stratechery:
Intel has been one of the companies I have focused on from the very beginning of Stratechery. Back then Intel was the unquestioned leader in advanced chip manufacturing, and I urged the company to build a foundry business; then the company lost its leadership position to TSMC, even as TSMC’s dominance raised significant geopolitical concerns.
A little over a year ago I argued the company should be split up, but then Pat Gelsinger returned to Intel with a plan he called IDM 2.0. The vision was compelling: Intel would gain all of the benefits of a split while retaining the advantages of being a single company. The skepticism is about whether or not Intel can actually pull it off.
I got a chance to talk to Gelsinger earlier this week about IDM 2.0, the acquisition of Tower Semiconductor, and the choices Intel did not make.