On the contrary, IPF cores were fairly small; Itanium silicon was dominated by SRAM (and the small cores compared to, say, Power meant that IPF was able to bring LLC on-die almost a decade prior to IBM.) Additionally, Itanium was competitive against comparable RISC and x86 server processors as long as Intel and HP were continuing to seriously invest in it. Even after the Montecito fiasco, where a late-breaking erratum in novel power management features caused Montecito to be delayed by a year and to lose 15% of its projected clock speed, the resulting part was essentially performance-competitive at release. Itanium silicon only became uncompetitive when RISC/UNIX as a whole had started to decline. By that stage, there were non-technical considerations in play - I have an informed suspicion that Poulson, a massive improvement, was deliberately held back by at least a year so that the hilariously bad Tukwila could have a full sales lifecycle.