Good, hopefully the brain drain continues at Intel so the competition increases
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In favour of better competition I would actually argue the exact opposite at this point.
On the design side in the x86 space it's a duopoly with AMD so even though Intel still has good market share due to their past, a weaker Intel means more power for AMD. And we shouldn't fool ourselves that they wouldn't use it for their own gains just like Intel did in the past.
In a broader sense for server chips in general having those engineers at Qualcomm rather than Intel might help might help arm adoption. But that space at least already has some more players than x86. With hyperscalers like Amazon developing their own CPUs, Ampere, or Nvidia planning to enter the space.
And most importantly as long as design and fab aren't separated at Intel having one do worse also affects the other side. And the competition is already thin in that space as is, with much much higher barriers to entry for any new competition compared to chip design.
With how the shareholders have been treating it, quite possibly