Not a surprise
For one thing, both ARM and AMD *are* competing well with Intel. Take my PC. For the last 20 years, I've been a bit of an Intel fanboi, buying Intel every time I upgraded my CPU. But, I've always kept an eye on the competition, and in 2019, when I last upgraded my CPU, I look around and found that in terms of price per performance, the Ryzen 5 3600 beat the Intel Core i5. I wouldn't have gone for the 7 or 9 because I wouldn't get enough of an advantage from the extra power to justify the extra cost, IMO.
I believe AMD still beat Intel in the price per performace ratings, although I haven't checked recently, so could very well be wrong.
ARM isn't directly competing with Intel because they don't sell CPUs for PC Compatibles (although it *is* feasible to emulate an x86 on ARM). In fact, they don't sell CPUs at all, but they do licence their designs to companies who manufacture CPUs for phones, tablets and other devices. Phones and Tablets in particular *are* competing with the PC. This is a problem for intel because it means fewer PCs are being sold.
The third problem is that companies have just spent a *lot* of money buying new equipment for working from home. While this made for very nice profits at the start of lockdown, that equipment isn't going to be replaced for years, which will hurt Intel's bottom line..