Intel's is a sad tale. Their R&D is comparable to TSMC, AMD, and Nvidia combined (granted, TSMC benefits from a 1:2 Taiwanese exchange rate) yet they lag behind almost everywhere that matters.
Maybe they should realize that tossing money at something isn't the solution to every problem? Although this is likely not only diminishing returns but fundamental issues at the division level (such as wasting time on worthless products).