Intel probably isn't the best example here, a better comparison would be AMD. Their r&d budget were 20-25% of intel's, yet were able to produce a better performing part with zen3.
Intel fabs their own chips. AMD outsources that. Intel is still on 14nm vs AMD's 7nm. It has been a really long time since AMD has even come close to Intel. The question is whether Intel can recover from their slump before AMD can get enough chips out.
AMDs on a big upswing, design wins in multiple markets from servers down to laptops. The PS5 and Xbox S/X also will help will volumes for the next few years.
