They finally finished the plant they initially planned on ramping up half a decade ago. They're also pivoting more and more to the data center due to slowing general consumer sales:
http://www.anandtech.com/show/11115...n-core-on-14nm-data-center-first-to-new-nodes
and extending the tock on the 14nm node to a third leg.
The moat they had with the tight grasp of x86 architecture licensing could realistically be challenged now, the main issue being that no devs really use something like ARM to develop for ARM yet, so the native infrastructure just isn't as built out and there may be more hiccups in general. They're down to one main source of profit in their server CPUs and each diversification they're trying has a more established competitor not burdened w/ the massive capex and risk for fab improvement and execution.
They're guiding down profits and losing further steam; competitors could catch them flat footed between now and the 7nm node which is only coming in 5 to 6 years. I think they may need to spin off the fabs or find better ways to fill that capacity.