What matters the most is the product. Intel has had a serious of serious problems on that front over the last decade. From product delays, to Speculative Exec

What matters the most is the product. Intel has had a serious of serious problems on that front over the last decade. From product delays, to Speculative Execution security concerns, to oxidation/voltage issues. Meanwhile their competition has been absolutely killing it, to the point where their X86 moat is collapsing. Their major software partner, Microsoft, is spending $$$ to open the option to work with other vendors. The fact that Apple successfully walked away is a major advantage for MacOS over Windows. All the tax incentives, all of the trade deals, all of the weight of the federal government won’t matter as long as Intel continues to produce inferior products. Now they have 15% fewer minds to work with. In twenty years it won’t matter if Intel is still operating fabs or not, the chips will be so far behind all the serious workloads will be on other silicon.