Intel won't be able to compete with this with another one of their Arizona fabbed 14nm chips. The techs 8 years old now, but they still haven't demonstrated a readiness in anything newer yet. This might be the pants down moment Intel can't bounce back from a few months later.
The Intel playbook has, for the last 8 years, been either "same architecture, same clock speed, less power draw" (remember, Sandy Bridge [2011] and Broadwell [2014] perform within 10% of each other given the same clock speed- a consequence of chasing thin-and-light laptops and tablets) or "same architecture, higher clock speed, more power draw" after Zen hit store shelves. Instructions per clock haven't changed significantly in many years; Intel has just slowly gotten better at hitting higher clocks because smaller transistors pull less power.
Overclockers have known for years that 5GHz is about the maximum that Intel's architectures can do under standard conditions (i.e. not liquid nitrogen), and the bottleneck there has primarily been due to heat generation and not processor instability.
It hasn't escaped Intel that these kinds of clocks were easily possible- they had special CPUs sold at those maximum speeds for high-frequency trading applications (not sold to the general public), and that fact was being kept in reserve as a strategic advantage against potential competition.
But that advantage has already been used up (not that AMD has one at the moment either; Zen and Zen+ have practically zero overclocking headroom on their fastest examples). Intel will need a new architecture to compete, and that's still likely at least a year down the road- and unlike the last time this happened (the Pentium 4 was supposed to reach 5GHz, but capped out at 3.8 for heat and power draw reasons) they don't have another architecture waiting in the wings to save them.
Somewhat minor nit but it was actually supposed to reach 10GHz: https://www.anandtech.com/show/680/6
"Realistically speaking, we should be able to see NetBurst based processors reach somewhere between 8 – 10GHz in the next five years before the architecture is replaced yet again. Reaching 2GHz isn’t much of a milestone, however reaching 8 – 10GHz begins to make things much more exciting than they are today. Obviously this 8 – 10GHz clock range would be based on Intel’s 0.07-micron process that is forecasted to debut in 2005. These processors will run at less than 1 volt, 0.85v being the current estimate."
And overclockers did actually push that chip all the way to 8GHz with extreme measures.
Core 2 then hit the reset button and clock speeds dropped substantially (from 3.8ghz to 3.0ghz) in exchange for huge boosts to IPC. Intel didn't exceed the P4's 3.8GHz clocks until nearly 10 years later with the 4.0ghz i7-4790k (AMD was actually the first to 4 ghz with the AMD FX-4170)