This doesn't mean that Intel hasn't been affected negatively by the resurgence of AMD in the processor business. AMD is taking several billion dollars of revenue, and every dollar of that costs Intel much more than $1. A noticeable part of AMD's newfound competitiveness comes from the various performance taxes that Intel has had to pay for speculative execution mitigation.

It's worth noting, too, that Intel has diversified-- the processor business is only one very important business to Intel.