As far as the components, Apple Silicon also contains an NPU and GPU. Thus far, there is no reason to believe that Intel has anything significant here aside from chiplets, a technology in use elsewhere already.
I think the M3 is most likely still going to be better, but I want it to have more competition.
"That was the first generation. Xilinx worked with TSMC on CoWoS. Their codename was CoWoS. It’s a funny name for TSMC’s silicon interposer. That was a first-generation advanced package technology... I talked to one of their VP. I talked to them many, many times, until one time, I had dinner with [a Qualcomm] VP, and he just very casually told me, he said, you know, “If you want to sell that to me, I would only pay one cent per millimeter square.” One cent per millimeter square. He said, “That’s the only cost I will pay for it.” I said, “How come you didn't tell me earlier?” He said, “You should know that. Why I should tell you? You should know that.” ...Our second generation called InFO meet that criteria and it was sell like a hotcake. So that one word saved my life and the InFO was why Apple was hooked by TSMC."
https://www.computerhistory.org/collections/catalog/10279267...
In the long run, I think they also need this kind of packaging to become affordable enough to use across their consumer lineup, not just for the exotic data center parts. Making a big change like this mobile-first and bringing it to desktop in a subsequent generation worked out alright for them with Ice Lake and their 10nm process, so I'm not surprised to see them do it again.