Another piece of Intel's life raft started disappearing 2 years ago- Microsoft de-emphasizing Windows in its corporate plans as it splitted up its Windows group
https://www.theverge.com/2018/3/30/17179328/microsoft-windows-reorganization-future-2018
"Microsoft retiring from its bold goal is just a part of trying and failing to woo consumers for years, and it’s part of a recent broader retreat over the past year. The software giant k–led off Groove Music, its streaming music platform, in favor of Spotify. Kinect is officially dead, and Microsoft finally confirmed the death of Windows Phone, too. Microsoft now wants iOS and Android devices to work better with Windows 10, and the company has recognized that it’s no longer the mostly widely used computing platform thanks to the rise of mobile."
"Windows isn’t dead, but it’s clearly not as important to Microsoft anymore and it will play a very different role in the company’s future. Microsoft needs to follow and provide cloud services and apps to people on the platforms they’re using. The company has seen great success with Office 365 and apps like Outlook for mobile, and Microsoft expects that two-thirds of its Office users will have moved to its subscription cloud service by next year."
"Now that Microsoft has moved the fundamental core of Windows over to the cloud team, it’s easy to see the long-term future of Windows being a cloud subscription service for the people who really need to use it, rather than love using it."
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If and when Windows goes cloud, nobody that uses PCs for everything stuff even strictly x86 or new PCs. Even big demand from PC gaming may not last forever if cloud gaming services improve and become better priced.
Intel had better find a better life raft or driftwood to hold on to or it's going to sink in the long term- This pandemic-driving demand pump isn't going to last forever, and Windows refreshes couldn't be depended on to goose PC sales every couple years anymore because Windows 10 is the last version of Windows