Intel is strip mining its current customers by jacking up newer server chip prices and discontinuing their older chips (due to 10nm fabs not being ready). Intel is producing few low-end chips(i3/i5), which has in part caused the current Ram glut.
These large customers that have caused a temporary surge in profit are in the process of migrating away from Intel.
I think the only point that I disagree with in the OP is the idea that there is declining revenue in the "legacy CPU" market. It seems like there is still a long trajectory of slow growth there at worst.