At the long term Intel is going to be fabless. Intel is good at chip design level, but their fabs are facing huge issues that they probably won't resolve anytime soon.
I'd actually say the exact opposite. Intel is mostly a fab shop and have enjoyed their dominance over the last decade+ because of their fab tech, now that's completely gone with billions squandered. Their chip designs haven't been anything to write home about for years. Add in all the vulnerabilities and they got caught with their pants down. It will certainly be an interesting next couple of years for sure. I think both AMD and Intel will do well as both should be able to thrive in this massive secular market.
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