The last time Intel was at $18, there were 6.5bil shares. Now there are 5.0bil. The number of shares have been reduced by 20%.
$22 is the same as $18.
EXCEPT, the last time that Intel was at $18, it had $45bil revenue and lower profits.
$22 is below the equivalent $18.
The dividend represents a 30% payout when Intel has said they are targetting 40%. There is a 33% margin between their payout and their target.
The dividend represents an even smaller percentage of cash flow which means that the Intel board could even decide to payout more than 100% of profits in dividends without borrowing or issuing shares or ....
Intel may be forced to cut the dividend but things would have to get VERY, VERY much worse before that was even thought about.