The biggest problem Intel had was that their process was optimized for their high end processors. Everything else (within the company) suffered.
For Intel to succeed as a foundry it needs customers that target the same "high end, power hungry" market segment. I don't see how Qualcomm (low power) fits that niche. More likely big AI accelerators (like, perhaps, Microsoft is planning).
As long as Intel depends on its high end processors for most of its profits, it will be difficult to develop a low power process for other, less profitable, customers.
For Intel to succeed as a foundry it needs customers that target the same "high end, power hungry" market segment. I don't see how Qualcomm (low power) fits that niche. More likely big AI accelerators (like, perhaps, Microsoft is planning).
As long as Intel depends on its high end processors for most of its profits, it will be difficult to develop a low power process for other, less profitable, customers.