It's another flat-spot time like the P4 days. The competition have stronger parts where it counts. ARM for mobile, AMD for laptops/consoles.
Intel will grow again, they just have to adapt again, they have the luxury of lots of money to correct the problem and started a 7 year plan a while ago to get back on track. I am sure this fab will come online at some stage. I think all this does is highlight how strong they are, they can spend $5b on a new fab and then say “lets let it sit there”