A new player could step in and take on Intel. Maybe the owners of ARM wise up and get into the manufacturing arena.
People made it big on AMD and Nvidia because they got lucky by owning the players who profited from the shakeup that cloud computing and ML brought to the industry. If you told someone 15 years ago that companies would be buying clusters of Nvidia GPUs for $100s of thousands of bucks, I doubt many people would believe it.
Intel certainly isn't a bad buy right now. Lots of things could happen and the industry will certainly look a lot different in 20 years. I can see a path where they manage to out-maneuver everyone else, but I think it's just as likely that they go the way of other major players.
