One could rephrase your thesis slightly. Conjecture that Intel will continue killing themselves and that some of the companies spending billions on AI that does

One could rephrase your thesis slightly. Conjecture that Intel will continue killing themselves and that some of the companies spending billions on AI that doesn't care what hardware it's running on will continue to choose the much cheaper hardware. Fabless means the capex is tiny. The hyperscalars have been trying to follow Google's TPU approach for a decade now. Whole load of silicon startups came to life, set fire to a lot of VC money, died off in the same time period. I believe AMD is the most likely winner of the silicon age. Progress is slower than one would like but everything is heading in the right direction.