A curious aspect of this is that Intel has been doing very well financially despite having been failing technologically for a long time (if you buy the old story that Intel's process lead was at the center of it's market leadership.)
High-volume production helped Intel crush SPARC, Alpha and most of other other high-end CPU architectures in the 1990s. Today ARM is the volume leader that threatens to overtake Intel in performance.
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Intel has segmented the market in ways that have been long-term harmful. The idea is that they look at every little feature and show that hyperscalers can get $5000 of value from feature X on the chip, so they fuse it off unless they pay $4999 for the special edition. Everybody else pays in die area, development costs, etc.
Intel's I/O choices have long been about controlling the PC platform and when you see all of the "Game of Thrones" mergers involving companies like Marvel and Mellanox so much of it has to do with that. Intel has long been stingy with PCIe lanes -- on paper it might look like you have a lot of lanes but when you deal with the motherboard and (usually less than i9) CPU in from of you will find there are capricious restrictions about how you can use those lanes.
Microsoft switched to Wayland (well, WDDM, Microsoft's Wayland-like framework) with Windows Vista and that was based on having a GPU that could do bulk operations on pixel rectangles.
Intel was mortified that a ATI or NVIDIA GPU would become necessary to the PC experience so they created Intel Integrated "Graphics" that approached the minimum performance required for Vista. If it hadn't been for deep learning and crypto mining, NVIDIA might have gone under. If it hadn't been for the merger with AMD and the SoC(s) for the Xbox and Playstation, we might not AMD GPUs.
Intel did not want to see a transition to PCI4 or an increase in memory bandwidth because they didn't sell products that could take advantage of it. NVIDIA did, so they pushed NVLink. Be it GPU, FPGA, or ASIC, you can't have a revolution in performance unless your workload is crazy compute-heavy or you have a revolution in memory and I/O bandwidth.