PE is not VC. VC is targeted at early-stage companies, which Intel is not.

Replace VC with shareholders - the point is the same. Someone wants more money out than in. That same someone doesn’t have long-term incentive to care about our future, or even the customer

To achieve that, business owners do as I mentioned and more. Not out of maliciousness or spite, but out of necessity

Depending on the PE firm, it could make the worst VC look like an angel

Not really. Intel made an agreement with a PE firm while well into building the fabs. In terms of the overall capital spent, most of it is Intel's.