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Why? Plenty of chip companies are fabless. Apple is fabless, Nvidia is fabless.

Neither Apple nor Nvidia compete with TSMC, while Intel does

The argument was that being fabless is a strategically bad move. I don't see how Intel competing with TSMC refutes that? What am I missing here?

Intel competing with TSMC will not be a problem for Intel or TSMC until the chip shortage is well and truly behind us.