TSMC is making huge investments into new fabs. And AMD doesn't have to take the whole market. They just have to take enough that Intel loses too much economy of scale to sell at profitable prices. Intel's fabs don't mean anything if their volumes are too low-- and they're dropping rapidly.

Their fixed costs & massive R&D requirements have to be paid for by shrinking revenue: Projected 1st quarter 2021 revenue is down about 12% over the same quarter in 2020. This isn't COVID-related: AMD's projected revenue for the same period jumped 80% year over year.

Intel is far from okay. They are far from having a safe path due to production bottlenecks by competitors: TSMC's 7nm capacity-- which is what AMD uses-- is on track to increase 18% in just the next quarter alone. I don't know how sustainable that production growth is, but it doesn't have to last long when they're bringing new fabs online and Samsung's fabs may be taking on some of Apple's M1 production, further freeing up TSMC capacity.

I don't think I'm saying anything particularly controversial or surprising or new when I say that Intel probably has about 2 years to figure out their own fab problems before they're well out of things for the next decade or so, having to claw their way back the way AMD has done.