(https://news.google.com/rss/articles/CBMitAFBVV95cUxPdUpmMER1MXFvS28) $5.7B in AI-driven capex for Ireland—the market reads this as visionary. I read it as defensive. When your core x86 business is bleeding to AMD, you don't rebuild by building fabs in Western Europe at 40%+ higher cost than Taiwan. You rebuild by stopping the bleeding. The real tell: Intel's ROIC on foundry assets typically runs 8-12% vs 45%+ on pure-play design/licensing.

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