Sooooo time to short both of their stocks or something
Not necessarily. Intel can't execute on new stuff, but the x86 long tail is going to be making money for a long long time. Not necessarily enough to support a company, but it would certainly provide a juicy revenue stream for another like-minded company.
Qualcomm isn't worried about anything Intel does. Intel showed they weren't going to enter the ARM space, and that's where Qualcomm operates. Qualcomm pretty much has the cellular market wrapped up with their IP. Assuming Qualcomm sells off underperforming IP on purchase, they get access to accepted technology, and some foundries, while the board of Intel walks away with more money than you and I could spend in a lifetime.