Wasn't that before the era of hyperscalers? Intel offers nothing of value anymore. What's to stop one for the giants from just swallowing them up like 3dfx or ATI?

They sell a lot to the hyperscalers as well, suggesting they offer something of value. I don't think anything prevents them from being swallowed up, but I'm not sure of what value that would be to a hyperscaler unless they want to get into the chip making business.