Political Chips
I&#x27;m usually a big fan of stratechery, but for once I disagree with the explanation of Intel&#x27;s decline.<p>I think it&#x27;s much simpler: being number one in fab technology is mostly driven by volume: whoever has the most volume wins. During the PC era, Intel had the most volume, so they also had the best fabs. It&#x27;s a winner-take-all, self-reinforcing ecosystem.<p>But in the last 10 years, mobile has had the highest volume. That&#x27;s what allows TSMC to have the best fabs, and Intel is struggling. That&#x27;s all there is to it. Nothing to do with services or software.