Remember that Intel has a massive war chest from $1000+ server CPU sales and $300+ desktop CPU sales,
This is true, but if Intel does not design better CPUs in a timely manner then those sales are going to drop dramatically. This is precisely the problem they are now facing. People are not buying new computers because those new computers are no faster then their old computers. But they are buying new mobiles.
Intel is competing against themselves. Unless they expand into a new market, as they are attempting to do with the mobile market, then the limited PC market will result in their demise. They can no longer rely on improved manufacturing to grow their market because we are reaching the limit of what is practical to manufacturer. Intel needs to produce a product people will want in the future or they will die. Everything Intel is currently doing demonstrates that they understand this and are acting accordingly.