Intel and AMD can dominate the x86 market all they want. But x86 has been steadily losing ground every year to cheaper and more power efficient ARM processors. It’s still a big market now, but I don’t think it’s going to be a great business in a decade or two.

ARM was just an example. If Intel spent a decade strengthening their Larrabee GPGPU platform and building AI and crypto ecosystems on it, they may have been well positioned to benefit immensely like Nvidia has over the last 5 years.