Not entirely true. It just requires that Intel retain a 51% stake in any split foundry company.

I wonder about the details of this.

For example, could "Intel A" continue to own the foundries, split off "Intel B" as the owner of the product lines, and then do some rebranding shenanigans so that the CPUs are still branded as "Intel"?

eg. HP and HPE.

I don’t know if it’s legally possible, but HP shows the branding bit can kinda work.

No idea if that's true or not, but the CHIPS Act didn't exist when he started as CEO.