Before Pat Gelsinger returned as CEO, Intel handed $100 billion to shareholders through stock buybacks and dividends. At the same time, the company went a full decade without building a new factory or buying the EUV machines(the tool that prints the smallest features on advanced semiconductor chips) needed to manufacture next-generation chips. Intel didn't lose the chip war to a faster rival. It surrendered its lead by treating its balance sheet like a hedge fund and its factories like a secondary concern. This is the buyback trap. When leaders optimize for earnings per share, they trade technical dominance for temporary stock support. The economics of a new plant or an EUV machine look terrible on a short-term spreadsheet. A stock buyback looks clean and safe. You can financialize a stock price. You cannot financialize a microchip.