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But Intel CEO Pat Gelsinger doesn't seem worried about it yet, as he said on the company's most recent earnings call (via Seeking Alpha).
"Arm and Windows client alternatives, generally, they've been relegated to pretty insignificant roles in the PC business," said Gelsinger.
Ideally, Arm-based PCs promise performance on par with x86 chips from Intel and AMD, but with dramatically better power efficiency that allows for long-lasting battery life and fanless PC designs.
Qualcomm's latest Snapdragon chip for PCs, the 8cx Gen 3 (also called the Microsoft SQ3), appears in two consumer Windows devices.
Even if Gelsinger is wrong, he's trying to spin the rise of Arm PCs as a potentially positive thing, saying that Intel would be happy to manufacture these chips for its competitors.
Right now, TSMC has an effective monopoly on cutting-edge chip manufacturing, making high-end silicon for Qualcomm, Nvidia, AMD, Apple, and (tellingly) Intel itself.
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