Intel Financial Engineering & Operational Missteps is what led to this.

"Over the past 10 years, Intel engaged in financial engineering, primarily through significant stock buybacks ($53 billion in 2011–2015) and stock-based executive compensation, which diverted resources from innovation and contributed to its lag in semiconductor fabrication. This financialization, as critiqued in the 2021 report, is a long-term factor in Intel’s weakened competitive position"

https://semianalysis.com/2024/12/09/intel-on-the-brink-of-de...

https://www.ineteconomics.org/perspectives/blog/how-intel-fi...

https://www.intc.com/news-events/press-releases/detail/1726/...