Intel hires Morgan Stanley to protect itself against activist investors ["Intel's foundry division lost some $2.8 billion in the second quarter alone"]
If you're a PE firm, it's obvious there's some quick cash to be grabbed in a rip-and-run sale of the foundry assets. Sure it'd fuck Intel but that's not your problem after you cash the check.
And there's also a good case that could be made that the design side is valuable and the foundry isn't worth what's being spent because, after all, AMD is competing just fine without having to invest endless billions.
Of course, if you're Intel, you don't WANT to just be a design firm and rely on some 3rd party to make your shit, and so, you do this.
Good, the only thing activists have proven they can do for businesses in recent years is lose them billions of dollars and destroy their reputation. Hopefully more businesses catch on and we can get back to getting actually decent products again.
Business decisions have to be made with logic only, not emotion. The two do not mix.