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As they always say in investing, "Past performance is no guarantee of future results."

It wasn't that long ago that Intel was dominating and it looked like nobody would ever dislodge them. Once the top management that drove a company to success retire, they are almost guaranteed to be replaced by people whose main skill set was political navigating in a large bureaucracy and then the decline begins.

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In this case it does make sense for Intel to catch up - right now NVIDIA is a quasi-monopoly in the AI space due to the stranglehold on CUDA - and all competitors are working day and night to close the gap in the toolchain.

I think it's a plausible conservative prediction that Intel will close the gap somewhat and will have a significant (but not dominant) slice of the pie.

To be fair their stock wasn't necessarily doing that great at all (relative to AMD , let alone Nvidia over the last few years) when they were completely dominated the market.

Even with all dividends included their stock is worth about as much as back in 2000 (which they only managed to surpass in 2019/2020)), and if they are excluded they are yet to surpass their dot.com peak...

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