Intel is still capacity constrained, no less. I'm not saying they make the best CPUs, my last purchase was an AMD Ryzen, but this idea that their demand will fall of the face of the earth assumes that other fabs have the capacity to pick up the slack which is verifiably untrue. Merely due to their existance they'll have time to turn it around.
Disclamer: long intel, a few thousand shares at $47. not enough to need to pump the stock.
The proximity of 'lost all engines in flight' and 'major direction changes' in this thread suggests that even if those major direction changes materialize it may not be good news.