Oh, yes. They spent too many years as the obvious #1, with a license to print money...when, longer-term, staying there required that Intel remain top-of-league in two profoundly difficult and fast-moving technologies (10e9+-transistor CPU design, and manufacturing such chips). Meanwhile, the natural rot of any large org - people getting promoted for their ladder-climbing skills, and making decisions for their own short-term benefit - were slow eating away at Intel's ability to stay at the top of those leagues.