Those numbers refer to what a planar transistor would have to look like to achieve the same density. Of course nobody is actually using planar transistors anymore.

Are you sure? If so TSMC and Intel must have discovered different ways of calculating surface area densities…

Intel 3 is what used to be called Intel 7nm+, which is more or less equivalent to newer batches of TSMC N5.

Perfect - thank you!

I mean, this is nothing new. If you want newer processes, AMD does a pretty good job of keeping their Zen architecture on the cutting edge without under-engineering the end product. Intel's bag has always been about selling very specific things to specific audiences: bare-metal virtualization for people on Windows/MacOS (rip), super-wide SIMD busses, special overclockable models, IMEI, the list goes on. Intel, much like Apple, is selling a product that supposedly offers a better "experience" than their competitors, which moves like gangbusters in the corporate sector.