Short to mid term: they can't compete on performance per watt, but they can still sell fast power hungry chips. Mid to long term: they can't compete on absolut

Short to mid term: they can't compete on performance per watt, but they can still sell fast power hungry chips. Mid to long term: they can't compete on absolute performance or price when their transistors are a lot larger than TSMC's. Imagine AMD at 2nm by 2025 and Intel still stuck at 10nm++ whatever. The high end semiconductor industry is a winer takes it all game.