So basically you know nothing, but known for sure, that his business skills were lacking. So let's speculate, how about ASML told him "either buy >n machines now or wait in line. Oh, the line means you get them in >3 years"? Or perhaps he just knew, how many lines and therefore machines they would need to produce their own chips and have at least some capacity so that someone would actually choose Intel to produce their chips, as that was the new direction they were trying to go into.
Quite honestly, I don't think we should second guess decisions where we are lacking all information, we simply don't know, why it was done and we are not likely to get that information. But I am sure that the CEO knew, that Intel has to move fast to get back on track and knew, how much reserves there are, so if you have the money, you have to take the risk and spend it now. Waiting will not save Intel.
So it might have been a very bad decision or a very good one or anything in between, but I don't see, how we could judge.