[summerlight]

I think it will all up to whether Intel can regain its technological edges. For years, Intel did produced worse chips in terms of power efficiency (vs ARM) and performance (vs AMD) but now it looks like the chip design has caught up given that Intel on TSMC now shows comparable power efficiency to ARM. I think the playground is now leveled in terms of chip design.

The real problem is the manufacturing process. This used to be the power house for Intel. They kept it 5 years ahead of their competitors before the Krzanich era. But in all the geopolitical and infrastructural contexts, is it even feasible to restore that in America? It is not very clear. Intel needs to build up all the ecosystems for semiconductor manufacturing but America is far, far behind of Taiwan (and eastern Asia in general).