Starting around 2000, Intel tried to make money via attempts at everything but making a better product (pushing RAMBUS RAM, itanium, cripling low-end chips more than they needed to be, focusing more on keeping chip manufacturing in-house thereby losing out on economy of scale). The result was engineers were (not always, but too often) nowhere near the forefront of technology. Now AMD, NVIDIA, ARM are all chipping away (pun intended).

It's not dissimilar to what happened to Boeing. I'm a capitalist, but the current accounting laws (in particular corporate taxation rules) mean that all companies are pushed to use money for stock buybacks than R&D (which Intel spent more on the former over the latter over the past decade and I'm watching Apple stagnate before my eyes).