It's a similar reaction that Intel supporters had when it was clear AMD had become a credible threat. There were claims that Intel had 1-2 unreleased CPU architectures just ready to drop at a moments notice to counter anything AMD came out with... we've seen how that played out. Google has been distracted milking their cash cow, just as Intel was, while the competition caught up. The main difference is that Google doesn't seem as far gone (yet) as Intel.
And once again, those who did not learn the lessons from Christensen's The Innovator's Dilemma will add their names to the list of formerly-dominant companies.
As someone with money invested in Intel, yes they are back on top of some benchmarks for consumer products and have been doing reasonably well overall. The issue is with the entreprise segment that is getting eaten away by AMD products that are more power efficient and have a higher number of cores due to their early bet of chiplet design (Intel is migrating to chiplet designs this generation). They are also leveraging the TSMC nodes which are overall better/more power-efficient.
This is a far cry from how far ahead they were before Zen 1 dropped in 2017. They've been burning a lot of money to keep their heads out of the water.
