Counterpoint: Intel's revenue will drop by more than 30% from 2021 to 2024

Intel's revenue plummeted by more than 30% between 2021 and 2024, one of the most challenging periods in the company's history.

Intel has lost considerable ground against its main semiconductor rivals

Intel's revenue declines reflect an erosion of its dominance in the core CPU market, exacerbated by a stagnant PC industry and growing competition from Advanced Micro Devices (AMD). AMD's latest processors often match or exceed Intel's in performance, energy efficiency, and cost-effectiveness, further undermining Intel's market position. Between 2015 and 2024, Intel's share of the client and server CPU markets plummeted from 80% to around 60%.

Intel continues to invest billions to expand its foundry business to regain its glory

Intel has traditionally been a leader in semiconductor manufacturing technology in terms of cutting-edge processes and intellectual property innovation. Over the past decade, Intel has experienced significant delays in its transition to more advanced manufacturing nodes. Its semiconductor manufacturing technology, especially the 10nm process (10nm, 10nm+ and 10nm++), has faced multiple challenges, leading to its declining position in the semiconductor industry.

In addition, Intel's adoption of EUV technology, production increases, and capacity expansion have been slower than its competitors. This has led to production bottlenecks and delays in new product launches. In contrast, competitors such as AMD, Nvidia, and Qualcomm have gained technological advantages by leveraging TSMC's advanced foundry capabilities.

Intel fails to seize the opportunity brought by GenAI demand in 2023

In the data center and PC GPU market, Intel is a latecomer into a market dominated by Nvidia and AMD, which have built up a solid reputation and market share over the past few decades. Nvidia, in particular, has a deep-rooted presence in gaming, professional workloads, and AI applications, setting a high bar for Intel to surpass. Intel's products, such as the Arc series for PCs and Ponte Vecchio for data centers, are still relatively new and need to prove themselves capable of competing with more mature products, especially in terms of algorithms and feature support.