Part 4/11:
Intel has historically operated as an all-in-one company, consolidating manufacturing, design, and the core chips they produced under one roof. This vertical integration, which once fortified its competitive edge, now appears unwieldy. As competitors like TSMC, Nvidia, and Arm continue to thrive, Intel's extensive workforce has not translated to contemporary success. With 76,000 employees—more than TSMC, Nvidia, and Arm combined—Intel seems bloated, struggling to modernize its narrative while others race ahead.