Check the muffler for a plugged screen. The racing just before it quits is normal, it is briefly running very lean.

Your saw is running rich.
If you have not touched the carb adjustments screws, check the air filter.Most probably it is blocked.
You could check this by starting the saw without the air filter.
If it runs fine, clean the air filter or replace it.
Also check if the choke shutter is stuck.This could cause the choke to be partially closed, causing a rich fuel mixture.

josephtm may have nailed it. If you're removing the air filter cover and thinking the filter is clean but haven't removed it, the filter could be dead clogged up. The 009 filters from the bottom, the bottom is where it will be dirty.