Broken CPUs, workforce cuts, cancelled dividends and a decade of borked silicon—how has it all gone so wrong for Intel?

An Intel Core i7 14700K with an Intel Raptor Lake branded box.

Let's begin with a brief recap of the current state of play at Intel. For starters, despite bold promises to regain technology leadership, it remains miles behind TSMC (Taiwan Semiconductor Manufacturing Company Limited) in chip manufacturing and indeed is increasingly relying on TSMC to manufacture its latest and future CPUs, such as Meteor lake, Lunar Lake and Arrow Lake.

Meanwhile, it's losing market share to AMD in server CPUs, Qualcomm's Snapdragon X Arm-based chips are a real threat in Intel's largest consumer market, laptops, Intel's Arc graphics effort has been a bit of a flop so far, and now its last two generations of desktop CPUs are badly broken.