That ignores the fact that older businesses tend to financialize to drive growth in equity value once revenue has stopped growing and older companies tend to be the most prone to disruption/failure.
Intel’s downfall can be tied back to an org structure that made up for bad gate-level architecture choices with proprietary fabrication techniques. All that customization crushed intel’s ability to compete with TSMC in foundry and the lack of architectural discipline prevented them from even coming close to fast-following QCOM SoCs or NVDA GPUs.
Keep in mind, for all the talk of Intel’s bad management and over-financialization, BK was a foundry engineer and he oversaw the worst period of decline.
Intel’s downfall can be tied back to an org structure that made up for bad gate-level architecture choices with proprietary fabrication techniques. All that customization crushed intel’s ability to compete with TSMC in foundry and the lack of architectural discipline prevented them from even coming close to fast-following QCOM SoCs or NVDA GPUs.
Keep in mind, for all the talk of Intel’s bad management and over-financialization, BK was a foundry engineer and he oversaw the worst period of decline.