Multiple reports over the years indicate that it's not just a single bad bet that got Intel into this, but a corporate culture where engineers have less and less influence and MBAs more and more, leading to worse and worse tech. Similar to Boeing.
Yet Intel is still competitive to AMD, and now has an engineer in charge. Intel's problems feel pretty over stated their products are still good, they're launching new ones which will bring new competition to the GPU space.
I’m personally quite excited for what intel has planned and I work on M1 chips (opinions are my own). I think there’s a decent chance they’ll have a comeback in the next few years. Yes, AMD is doing awesome and ARM is bigger than ever. We’re definitely headed into a very interesting time for processors as consumers.