I disagree with your implication that Intel will lose a key investor because of the change.
You're disagreeing with a straw man.
Intel won't lose a key investor, but that investor's allocation of INTC might go down.
Since the dividend won't be as attractive to investors as before, Intel might be motivated to reduce or even stop paying the dividend altogether. How Intel will choose to reallocate that money is anyone's guess, but I can see several regulars on this board who will have a cow over the reduction in dividends.
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