You're right. Someone is going to fab those ARM devices so Intel might as well use some of it's idle capacity and take some revenue away from TSMC etc.
I wouldn't expect Intel to ever fab PC or server class ARM chips.
It won't be viewed as anything but an option to use in special cases with that attitude. And most will stick to one foundry and count designing for another as a big cost and risk so that would eliminate Intel for them.
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