I think Intel missed the boat when they refused to accept third party fabbing back when they were process node leaders. So instead that business went to TSMC and other competitors and made so much money that those companies were able to overtake Intel and are far more diversified so they don't live and die on the PC market.

At the time everybody was saying "of course Intel isn't going to fab AMD chips, that would be crazy", but in the end the crazy thing was giving up market dominance.