I'd make a bet on Intel not turning around without new leadership at least willing to fling a gravitationally-significant pile of money at TSMC in the short ter

I'd make a bet on Intel not turning around without new leadership at least willing to fling a gravitationally-significant pile of money at TSMC in the short term and significantly improve their pipeline in the medium to long term. They're so far behind now they're basically betting on everyone else screwing up. It's not just their position, though, it's their rate of change... their chip releases aren't getting faster as fast as AMD's or ARM's are, not by a long way.