In 2020, Intel generated a record $35.4 billion cash from operations and $21.1 billion of free cash flow (FCF) and returned $19.8 billion to shareholders. They

In 2020, Intel generated a record $35.4 billion cash from operations and $21.1 billion of free cash flow (FCF) and returned $19.8 billion to shareholders. They profited massively, and put their dividend up 5%. They brought in Gelsinger and used that cash to build 2 new leading edge fans, and upgrade capacity on newer ones. Then the economic downturn happened, and sales dwindled. They're making less revenue but still funding the production of new fabs. That coincided with a weak roadmap. Sapphire Rapids is only just starting to ramp, after a nearly 3 year gap in their Xeon roadmap.