[This is my take on it (largely informed by stratechery) and probably overconfident] Intel runs their own fab and for whatever reason they've messed this up re

[This is my take on it (largely informed by stratechery) and probably overconfident] Intel runs their own fab and for whatever reason they've messed this up repeatedly (unclear what the reason is, but it's at least partly a management/strategic failure). Their focus on old designs that are currently profitable instead of the future was a short term benefit and a long term mistake. AMD uses TSMC (Taiwan Semiconductor Manufacturing Company) to fab their chips. Apple does the same. Intel's profits from older technology and server sales have made them slow to recognize the severity of their situation. First they missed mobile, now they've had years of delays with their own manufacturing process, and now they're going to feel pressure from ARM on the desktop and probably on the server. No US based fab for modern chips is a concern for national security (particularly given Chinese interest in eventually taking over Taiwan). AMD spun off their fabs a while ago (Global Foundries) and uses TSMC for modern chip manufacturing. This gives them lower overhead now, but I'm not sure it's a much stronger position overall. There's a benefit to owning your own fab if you can pull it off. I think Intel is at serious risk long term. They need someone who recognizes the existential crises they're in and can save them. Their current results are a lagging indicator.