Arm vs x86 matters a lot for Intel since they don't make Arm CPUs. x86 used to be a massive moat for Intel/AMD. The rise of ARM market-share means that that moat is draining. 10 years ago, AMD and IBM were the only competition (and they were both in rough shape). Now Intel is competing against AMD, NVidia, Qualcom, Amazon, and Arm. Even if Intel can make the best CPU again, they no longer can charge monopoly prices for it. If you have a 10% faster CPU, that only lets you charge a small premium over everyone else.
