This doesn't mean that Intel hasn't been affected negatively by the resurgence of AMD in the processor business. AMD is taking several billion dollars of revenue, and every dollar of that costs Intel much more than $1. A noticeable part of AMD's newfound competitiveness comes from the various performance taxes that Intel has had to pay for speculative execution mitigation.

It's worth noting, too, that Intel has diversified-- the processor business is only one very important business to Intel.

Profit in infrastructure is a delayed indicator, it talks about how the company was doing, not how is it doing now.

Thank you. Apparently, the stockholders agree with my assessment.

See here: https://news.ycombinator.com/item?id=22167267

I work for Intel (not speaking in my official capacity) and the AMD scare here is real.