I'm not sure if I buy the thesis entirely (that thesis most aptly being: "Gelsinger does have one fatal flaw: he still believes in Intel, and I no longer do.")
The biggest reason is geopolitics: If escalated confrontation happens with China, Intel becomes one of the most valuable companies on the planet, period. TSMC will finish western fabs eventually, but the delta-t on when they become competitive (tech, capacity & cost, remember) with even Intel's western fabs is... decades, plural? Maybe never? The CHIPS act helped, but TSMC is dragging their feet for very, very (existentially) good reason. Also, remember that TSMC is built entirely on the back of ASML; conflict with China doesn't just block the west's access to the east's fab capacity, it blocks the east's access to the west's tooling to build more and better fabs. TSMC craters in this scenario. Samsung also exists. That's the list of near-SotA fab capacity, globally.
Capacity is another good reason: TSMC is not a bottomless bucket, and every year for the past at least two years Apple has purchased 100% of their SotA fab capacity. No one is competing with Apple's margins (except Nvidia, but that's a bubble market; numbered days). His argument is that there's no market reason for Intel's fabs to exist; we don't have the data to say for certain, but I'd guess that if Intel went to TSMC and said "you're already making lunar lake, make our xeon chips too" TSMC would say "we can't" (especially on SotA nodes, but maybe even near-SotA). They're tapped out, they grow, they're instantly tapped out again, everyone wants what they're selling. Intel fabs Lunar Lake and Arc with TSMC; both very-low volume.
Also worth keeping in mind: Intel was at one time the global leader in chip fabrication; but they lost that crown. People view TSMC as this unassailable beast, but they're just as fallible; and when I hear people say "Well, Intel 18A is probably three years out and by that time we'll have TSMC N2P with backside power delivery so who will even care about Intel 18A" are just extrapolating history. That's a dangerous game when all these rankings and valuations are based on asymptotically approaching the limits of the laws of physics. And while it is unlikely that Intel will take the lead again, TSMC showing any sign of faltering will raise the relative value of the #2 companies.
Intel is not in a good spot, but they're still an interesting business, they're still designing some of the best chips on the planet, and with the right decisions could grow to be even better than interesting. IMO, this article is missing a lot of the hard analysis and data that Stratechery is usually known for; I don't feel you can have a researched discussion on Intel without talking about fabrication volume or their concerning levels of debt, but he didn't mention either of those things. Heck, more than one passing mention of China feels kinda important to the topic.