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Yup.but regulatory hurdles will prevent them from doing so.
The board does that and they will be out by one of two methods. Deliberately taking actions that can be viewed as harmful to the company is valid reason for emergency votes of no confidence by shareholder action. Deliberate sabotage of a publicly traded company is a criminal offense. So the board won't be doing what you suggest.Still, if they reduce funding for the fabs to a level that's insufficient to catch up to TSMC, they will constrain Intel's future.