Intel's advantage over AMD has been it's (1) manufacturing technology and (2) architecture, especially since Sandy Bridge.
It turns out that Intel's architecture cheated by skipping privilege checks during speculation, while AMD designs did the correct thing. SMT turns out to be a security nightmare, but in any event AMD now offers the same capability. Either way SMT is another lost advantage.
That leaves Intel's process technology and vertical integration. If it outsources manufacturing it will have effectively ceded these completely, meaning Intel will have lost all of its competitive advantages.
I suppose Intel's human capital might be a competitive advantage, but their missteps cast serious doubt on that.
It turns out that Intel's architecture cheated by skipping privilege checks during speculation, while AMD designs did the correct thing. SMT turns out to be a security nightmare, but in any event AMD now offers the same capability. Either way SMT is another lost advantage.
That leaves Intel's process technology and vertical integration. If it outsources manufacturing it will have effectively ceded these completely, meaning Intel will have lost all of its competitive advantages.
I suppose Intel's human capital might be a competitive advantage, but their missteps cast serious doubt on that.