This isn't about GPU competition, it's about fab competition (which is in far more dire of a situation). Intel can no longer fund new process nodes by itself,

This isn't about GPU competition, it's about fab competition (which is in far more dire of a situation). Intel can no longer fund new process nodes by itself, and no customers want to take the business risk to build their product on a (very difficult) new node when tsmc exists. They're in a chicken and egg situation. (see also https://stratechery.com/2025/u-s-intel/ https://stratechery.com/2025/u-s-intel/ )