Intel Corp (INTC)

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ARM chips sell for $15-20 for the high-end ones while Core M goes $300 in 10k units. It's likely with more discounts it sells for ~150-200

You are confusing cost with price.

Intel fetches a higher price for their CPUs, because their customers are willing to pay more for what they're worth.

Intel makes higher margins than ARM vendors. MUCH higher. You cannot infer cost from price, and then equate that to architectural efficiency.

Rather, you should infer value from margin, in that Intel has been able to extract much higher value from their products in PC systems, due to the fact that their performance and capabilities allow for better productivity in devices that consumers to do real work.

By the way, you've seen ARM vendors fail time and again to design a device for Windows. And it's not because Microsoft failed - it's because Windows is still the most complex and fully featured operating system on the market, next to MacOS, and both of these productivity operating systems take much more in terms of software and validation resources to enable.

Intel puts in the R&D to support Windows, and they have a long history of experience. And in spite of Windows 8 largely being considered one of the worst versions of all time, the PC market continues to grow in volume. That should tell you something. Intel is uniquely suited to support this ecosystem, and their pricing is supported by that investment. Others simply try and fail.