Thinking they were in a stable situation and going into max cashflow mode when there were in a death match. If you look at stock standard competitive theory (like, without any nuance) like Porter, you can see their situation getting really hairy starting 15 years ago. Customer concentration (public clouds), substitute products (arm in servers for standard workflows, various others in AI workloads etc), competition in their main product line couldn't go anywhere but worse (they were practically all by themselves). They had to fight like crazy but they thought they should print money.