There's more than a bit of revisionism here. AMD created superior products, at their ultimate 64 bit CPUs with integrated memory controllers and point to point links to interconnect them, basically owned the server field while Intel was off on it's Pentium 4 "marchitecture" wild goose chase (a marketing architecture based on pure clock speed, which they failed to achieve to the level needed), more weird memory schemes, etc. etc. ... and then rested on their laurels for too long while distracting themselves with things like the ATI acquisition, giving Intel a chance to catch up.
You can't afford that with a competitor like Intel.