Intel Corp (INTC)

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I think if AMD delivers, Intel could get "MediaTek'd" as Qualcomm has in smartphone APs. That's a big "if" but I don't think it should be dismissed.

Intel could have avoided this situation had it not bungled 14nm and not delayed 10nm. The fact that Intel will also now stick with 10nm for 3 generations won't help it, either. The process lead + architectural advantage has been a critical enabler of the company's strong financial performance.

The architectural edge looks as though it will erode to some degree, and in process Intel is also losing ground.

BK will be tested here, but I have doubts that he will do as well as Otellini would have in a similar situation.