They have had a ton of flops and misdirections. The 186. iAPX. i740. Xscale. Itanium. The FDIV bug. Pentium 4.
AMD has had Intel up against the ropes more times than they can count. Faster and cheaper 386 and 486 clones threatened them. The K6 came around and beat the Pentium II. AMD leap-frogged them with their 64-bit chips. Intel has always came back and stomped them right back into oblivion. They'd probably be close to turning the lights off if it weren't for Ryzen.