Earlier quoted context omitted.
Sadly, it’s looking like Intel won’t do 5nm until 2023 at which point TSMC is projecting 3nm. They won’t be able to catch up. On the other hand Intel is a huge national security interest for the US, so expect the government to help them out where possible.
First (and I'm no expert here) I don't believe that (x)nm is the be all end all of cpu performance. Architecture still matters. Second, perhaps the AMD/Apple fan boys have not noticed but Intel has many times the volume of AMD and whatever ARM volume Apple will have (Apple is typically 10% of lap/desktop sales, up this year from Covid). The world requires Intel to meet its computing needs and no magic wand will give…
The same architecture on a smaller process will use less power and use less silicon (usually making it cheaper: but yields make that equation complicated). A 100mm^2 design using 50W will only be 50mm^2 using only 25W on a smaller node.
Since 300mm wafers are always 70,000 mm^2 in area, you now produce twice as many designs in 50mm^2 instead of 100mm^2.
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Now what made Intel get stuck on 14nm+++ is that Intel got really good at increasing 14nm++++'s clock rate. Dennard scaling is dead: a larger process may offer better GHz these days.
But if you can solve the yield issues, the march towards tinier and tinier transistors is a winner. Less power used, less chip-area used, and therefore cheaper and more-efficient chips.