I am going to have to doubt this claim. Intel not only produces it's own chips but designs them as well. They are a massive company with huge design and production capacity. While they have struggled to keep up with TSMC in terms of cutting edge manufacturing, that doesn't mean they are no longer relevant.
As an aside. I feel like a lot of users don't understand how dominant US based companies are in the semiconductor area. For example, US based companies account for about 48% of global semiconductor sales. On top of that, US semiconductor companies spend more on R&D as a percentage of revenue than companies from other nations. So its not like the US is some 3rd rate country when it comes to semiconductors. The IRA\Chips Act is all about getting manufacturing back state side, or at least making the US less reliant on imports for semiconductor components.
To add to this post, American companies spent ~$44 billion on semiconductor R&D in 2021 which was roughly 55% of the global total (Intel alone contributed some ~$19 billion).