I think Intel has a huge challenge ahead but one thing that's helped them is that Skylake was competitive enough to get them through the process node mistakes (at least to this point). Maybe what we've learned is that fewer chip buyers care about performance and power tradeoffs than imagined (or at least, than I thought).
[1] - https://www.statista.com/statistics/263559/intels-net-revenu...
Commodore reported 7-year record revenue with good profit 4 years before going bankrupt. https://dfarq.homeip.net/commodore-financial-history-1978-19...
Intel's a little different though. It's not like consumer sentiment has changed like in the case of the C64->PC or BB->iPhone. AMD and ARM are strong competitors but Intel is in this position because they made a major technical misstep. Maybe more like Microsoft and the Longhorn/Vista debacle. I don't think we can conclusively say Intel or even x86 can't be competitive when they get their process figured out.
Intel has been selling same 4 core CPUs for almost 10 years now, only last year finally releasing something able to compete with Ryzens on $/core count.