This is just plain wrong.
If it were true, Apple would have never rose from the ashes of the 1990s to challenge MS and Intel.
Nor would ARM have risen to be a threat in the first place.
Nor would Microsoft and Intel have ever risen up to challenge IBM, HP, MIPS, and DEC all of whom made their own chips and servers / OS and only two of which even still exist.
History both old and new is replete with examples that totally refute your statements.
When Apple reinvented themselves, it wasn't just an engineering feat, which is why it isn't a matter of money. It falls into the first category I mentioned - predicting consumer preference, brand management, subjective improvement of aesthetics, etc. These are non-engineering feats, and outside of what I was saying.
As for IBM, DEC, DG, Fujitsu, Wang, etc, they suffered the same fate as Kodak, and this fate is almost largely inescapable, so it wouldn't be surprising if the current players today (Apple, Intel, etc) end up as them in due time: a revolution in tech happened, and they were too slow to adapt, or did not imagine they should adapt to it (example 3rd paragraph below).
But that's not the kind of engineering fight we are talking about here, right? We are just talking of "hey, build a better mobile/desktop/server processor" (let's call this "A"), we aren't talking of "predict, invent, and roll-out the next paradigm of computing" (let's call this "B").
"A" is a slugging match determined by how much R&D dollars you can afford. This is why as an industry matures, the trend is always the same - from several players at first, it ends up with much fewer but much larger competitors. How many graphics card companies used to exist before? How many do now? How many times was Intel an underdog to AMD, vs the other way around?
"B" is chaotic and largely unpredictable, because the way tech progresses and unfolds is unpredictable. Companies of all sizes rise and fall as the tech they are based on become popular and then become obsolete. Kodak is my favorite example. They had the market cornered. But then tech had a revolution, and film was no longer needed in the future - what does that do to a company whose business was film and had "assets" of film factories that are essentially going to be just liabilities?
So you can't conflate the circumstances of "A" vs the circumstances of "B".
Here, we aren't talking of game-changing, unforeseen tech revolutions. We are just talking of "A", which is just how to build a faster, more efficient IC. And it's just a matter of money. For example, if AMD had $10B to spend in Bulldozer R&D or whatever ridiculously large amount, Bulldozer would not have been as late, and it would not have ended up as compromised, and it would have been a far better competition to its Intel contemporaries. But they didn't, and so Bulldozer wasn't - just as Barcelona wasn't, and just as Steamroller won't be.
I hope that clears that up. That's simply how our science works now. Unless we are talking of coming up with a tech revolution / paradigm-shift, engineering shoot-outs are dominated by R&D budgets. It doesn't matter if it's making a faster x86 server processor, a more efficient laptop chip, a better jet-fighter, an improved main battle tank, or even a new drug. If Team 1 can outspend Team 2 by hundreds of millions to billions of dollars in R&D, then Team 1 will consistently deliver a superior product, year after year (maybe a dud or two in their history, but overall they will be consistently better).