Considering the volume of DYI market, I doubt Intel will decrease price of existing products. New processors from Intel might come at more value though.Until just the other day, Intel had a rational-ish reason not to engage in a price war.
Now, if they don't engage, they will lose more than single percentage points of marketshare, possibly very significant points considering the continuing mitigation hell.
Intel can minimally engage until they start see their fab's utilization rate start to drop, which costs $$$'s along with reduced income from loss of market share sales.
I think Intel will bluff as long as they can, because Mgmt also doesn't want to have to have these types of discussions with analysts during Investor calls.