$Intel(INTC)$

Every part of Intel is highly valuable and can be realized:

-- Intel Product Lines is the most valuable; easily 20x earnings (likely 25x); this can easily be a standalone Intel with $150-200 billion value

--MBLY is already a public company

-- Altera is on a path to an IPO

-- various smaller strategic investments (eg: IMS Nanofabrication) all have their own respective independent values

-- IFS is an asset to be strategically developed with undeniable geopolitical implications (maybe 1x book value/investment value)

-- there is probably a decent basis for separating out the national security/ defense supplier business

All of that should not add up to just $170 billion EV; it only makes sense of there is a significant underutilization haircut to the portfolio

Private equity can quickly unlock that because they will have less qualms about collateral damage

But it is less disruptive to everyone if the current management unlocks it calmly and methodically