Intel laying off 15-22% of employees, stock at 50 yr lows, competitors eating their lunch - reminds me of IBM in 1992-93!
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Intel still has fabs and reasons for the government to invest in them (notably, geopolitical benefits of not being entirely dependent on Taiwan for high value silicon). IBM - well, it has some things - but if it died, the US probably wouldn't be weakened on the international stage.
If I have to predict, Intel will come out stronger, IBM is dying.