The same things Intel said 10 years ago.

Intel is as similar to Apple as Tata Steel is to Ford Motors. There was a time when the former was trying to get closer to the latter, but I think the folly of that is clear by now...

The difference is Intel actually has direct competitors in their market.

Apple doesn’t. They created a market for products with a deep vertical integration of software and hardware. And they do it at enormous scale.

Google, Microsoft, and Amazon are the closest competitors but they license their software and have to compete on hardware across many products.

Intel is not in the same business as Apple.