"struggling to stay relevant" is an exaggerated editorialized title.

Sure, they're not "Numero Uno" anymore, but they're very far away from being irelevant.

If they can get a solid third place in the GPU space behind Nvidia and AMD, and a second place in the AI space behind Nvidia, and stay in third place in semiconductor manufacturing behind TSMC and Samsung, that's still a huge accomplishment considering how high the barriers to entry in these spaces are, especially for a single company.