I think the problem is that they believe they "squandered" supplying the iPhone CPU. They stated that mobile CPUs would never sell in quantity, so they weren't interested. Missing that boat, they've believed the need to be in front of mobile at any cost.

I think Intel failed to realize that they had made the right call with iPhone: their very culture isn't about being innovative, but providing microcode flexibility at high instructions/watt. They had a chance to define servers, and still do. They should have been all over the whole spectre/meltdown/timing security issues and owned creating a secure server chip. Instead, they've fretted away so many options that they never had a chance to win.

My two cents.