Their P/E ratio is 13.36. Perhaps they don't?

The slide seems to have been first disclosed by ASML, which has a vested interest in selling new generations of manufacturing tools.

ASML's P/E ratio is 48.02.

I don't know that they actually are. Like most of the S&P500, Intel is actively participating in billion-dollar stock buyback programs. These allow for these companies with scrooge-mcduck-scale money bins to maintain vanity stock prices while their fundamentals are on fire.

Intel has generated $19.3 billion in net income in the prior four quarters, giving it a whopping 12.9 PE ratio over that time.

What vanity stock price exactly? You could hardly have picked a worse example in this bubbly market.

It's a pretty rich multiple if one believes their fundamentals have been deteriorating. Intel has spent the last decade abandoning market after market while simultaneously not being able to execute in the markets they were still in. If something doesn't change soon, even that 12.9 p/e won't be sustainable.

Investors believe that the company will be profitable. It doesn't really matter to them if a company has a habit of overpromising or underpromising.

What choice do they have besides selling their stake and leaving?