Intel's semiconductor factories present a major challenge for Qualcomm's possible acquisition.

One analyst notes that Intel’s situation doesn’t seem dire enough for the company to settle for a “fire sale.” Plus, Qualcomm could see Intel’s foundry assets as a headache.

With its market value down sharply, Intel has become a takeover target. That shows how strategic missteps and the artificial-intelligence boom have together reshaped the fortunes of America’s most storied semiconductor company.