Intel’s PC market was partially eaten by Apple’s switch to M1 and even earlier, Chromebooks moving to ARM/RISC. New server farms and clusters now have a CPU and a GPU as opposed to the past where you’d have just Xeons everywhere (a market Intel took from Sun). Intel tried to buoy themselves by purchasing Altera and working on discrete GPUs/AI focused peripherals, but AMD bought Xilinx and had (I believe) far better resources and experience in the GPU segment. Most troubling for Intel, they still invest heavily in and own their fabs. If there’s some protective anti-China tariff (certainly, there will be if China and Taiwan do reunify), perhaps Intel could have a slight advantage with their fab locations??