Folks here have not thought enough about enterprise legacy software, which remains the biggest drag on x86 performance. By comparison, the technical constraints innate to x86 remain minor. Microsoft will never obsolete a big chunk of its enterprise customers by forcing them to emulate x86 on ARM or worse. By contrast, Apple has the luxury of largely serving affluent consumers & prosumers who avoid grandfathered software.Yesterday’s chip sales don’t pay tomorrow‘s bills. To see which way the winds blow we will need to watch Microsoft. If MS still values the WIntel market alliance and is ok with being a relative performance laggard for a few years then Intel will have breathing room to retool and get back in the game. But if Microsft starts embracing ARM, even casually at first, it will be catastrophic for Intel. When Dell ships their first ARM based laptop with an NVidia CPU with NVidia GPU cores in an SOC running Windows, I wouldn’t want to be holding any Intel stock in my portfolio.