One blue chip fallen angel I think you should consider is Intel (INTC) a US semiconductor company that was once the leader of its industry, notes growth & income expert Jim Powell, editor of Global Changes & Opportunities Report.
Intel ran into trouble when it failed to provide the smartphone and personal wireless markets with the chips it needs. In response, Apple decided to produce its own semiconductors. Other smartphone leaders turned to outside suppliers – primarily in Asia. By the time Intel realized its mistake, it was too late.
A new CEO was brought in to clean Intel’s house and set new directions for the company. CEO Pat Geisinger’s first decision was to allocate $20 billion to construct a new chip factory in Ohio – and $5.4 billion for chipmaker Tower Semiconductor.
I think Intel’s recovery plans will be successful. In addition, there was an expensive lesson learned by the US automotive and other industries when they could not get the operating chips they needed for their products due to supply disruptions from their Asian sources.
Intel Corporation, 1986 to Early 2022 
Many US companies vowed to never again rely on foreign suppliers for critical components. U.S. defense contractors have come to the same conclusion: all essential chips must be made here.
I think the decision to bring chip-making back to the US will be a strong tailwind for an Intel recovery. Grants from the recently passed Infrastructure Rebuilding Program will also help fuel Intel’s rebound.
It will take a few years for INTC to make a full turnaround. However, I think it’s on the way — and should be very profitable for patient investors. Intel insiders apparently agree: during the last quarter they were net buyers of INTC, with no appreciable sales. Intel has an attractive 13.7 P/E, and a 3.0% dividend.
