Well, Intel was kind of in the dumps because their process fell behind. They didn't bet on EUV and got leapfrogged by TSMC and Samsung who did use ASML's EUV technology.
They eventually got on the EUV train and were the first customer to receive ASML's current state of the art machine which they call high-NA EUV. Intel's 18A process is the first to use this machine as part of the manufacturing process, Panther Lake uses this process so now they're right back to being SOTA.
All the news about them (stock price movements, theories about them going bankrupt, Panther Lake, etc...) for the last 2 years has essentially been people betting on whether or not they can successfully incorporate SOTA ASML machines into their manufacturing.
