>What business is Intel in, if not competing with Nvidia and AMD.

Foundry business. The latest report on Discreet Graphics Market share Nvidia has 94%, AMD at 6% and Intel at 0%.

I may still have another 12 months to go. But in 2016 I made a bet against Intel engineers on Twitter and offline suggesting GPU is not a business they want to be in, or at least too late. They said at the time they will get 20% market share minimum by 2021. I said I would be happy if they did even 20% by 2026.

Intel is also losing money, they need cashflow to compete in Foundry business. I have long argued they should have cut off GPU segment when Pat Gelsinger arrives, turns out Intel bound themselves to GPU by all the government contract and supercomputer they promised to make. Now that they have delivered it all or mostly they will need to think about whether to continue or not.

Unfortunately unless US point guns at TSMC I just dont see how Intel will be able to compete, as Intel needs to be a leading edge position in order to command the margin required for Intel to function. Right now in terms of density Intel 18A is closer to TSMC N3 then N2.

The problem is they can’t not attempt or they’ll simply die of irrelevance in a few years. GPUs will eat the world.

If NVidia gets complacent as Intel has become when they had the market share in the CPU space, there is opportunity for Intel, AMD and others in NVidias margin.

> Unfortunately unless US point guns at TSMC

They may not have to, frankly, depending on when China decides to move on Taiwan. It's useless to speculate—but it was certainly a hell of a gamble to open a SOTA (or close to it—4 nm is nothing to sneeze at) fab outside of the island.