$INTC saw its share prices rise 7x at its peak largely off a bearish to bullish posture that came with U.S. investment and $NVDA partnership. The narrative of its return is still in tact but was always a longer term work in progress. The massive 7x run was never based on fundamentals or earnings. It was the belief/thesis that its design business had a massive tailwind from AI and that a U.S. Foundry was absolutely necessary to meet demand and protect national interests. The risk was always timeline and execution. This quarter we saw execution risk play out in real time. Longer term the right question is whether that thesis is still intact? I would say yes. But execution remains the real question mark. I still think the narrative that supported its parabolic holds true. But now investors want receipts.