AMD has 1.5x larger market cap than Intel. All in 7 or so years where it was near bankruptcy. During AMD's weakness, Intel had near monopoly position on chips. It racked up all the cash it could. It hasn't innovated ever since. Chiplets came from AMD, 6 cores as minimum standard came from AMD (Intel sold 4 core entry CPUs well into Zen era because that's all you need!). Affordable motherboards (together with partners) and strong commitment to socket longevity came from AMD (AM4 is still supported and new products with 5600x3d are still released). In reference, Intel before AMD's Zen would release a new socket for each yearly release.

And in fabs, Intel just isn't nowhere close. How's the 12nm++++++++++++ going? China is 5.2B of AMD's sales (2022). That's 65% of U.S.' with enormous growth potential as Chinese middle class gets richer. Europe is 1.77B of AMD's revenue. How does the capex investment equation play out when your 5.5B of sales just disappears into thin air?