Chip giant (NASDAQ: INTC) has been facing a series of problems that have heavily weighed on the stock over the past few years. First and foremost, the company lost its manufacturing advantage to TSMC. Chronic delays and missteps coupled with steady progress from the Taiwan-based foundry have put Intel in a position that would have been unthinkable 10 years ago.

Intel's manufacturing troubles opened the door for rival Advanced Micro Devices to steal share in both the PC and server chip markets. AMD has been shipping solid products, but a key component of its comeback has been its access to industry-leading manufacturing technology from TSMC.

If that wasn't enough, the PC industry remains in a deep downturn. Following a pandemic-era boom, global PC shipments tumbled 16.5% in 2022 and are on track for another decline this year. The PC supply chain has been drowning in excess inventories, reducing orders for Intel's chips. Things got so bad that Intel reported its largest quarterly loss ever in the first quarter of 2023 as revenue fell off a cliff.

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Source Fool.com