Part 4/10:
What many observers overlooked was that Intel had already begun cutting its stock buyback program even before reducing its dividends. In 2019, the company repurchased shares worth $13.6 billion, which drastically fell to only $2.4 billion by 2021. This lack of proactive financial management has eroded investor confidence and led to diminished earnings per share (EPS), which fell from $4.89 in 2021 to an expected $0.40 in 2023.