PowerPC processors were a RISC-based processor that everyone claimed was an advanced design, superior to Intel, that could outperform Intel even at lower clock speeds. But as we all know, within a few years on the market, x86 chips kinda... kicked their ***.
Now Apple is switching once again to a RISC architecture that they claim is superior, at least on paper.
What went wrong with PowerPC? How do we know it won’t happen with ARM?
PowerPC was better but Intel had several advantages not intrinsic to their CISC designs.
1. Better fabrication. They could increase transistor density faster than their competitors including IBM. Intel had a two generation advantage for most of the last 15 years until very recently.
2. Better designs. Intel's architecture was just better. Making these advanced microchips is a 3 to 5 year design endeavour and so you may get outclassed at the last hurdle by a competitor that simply out designed you. It's about placing the right bets at the right time and it's exceedingly difficult, eventually you have to pull the trigger on a design even if you know it has some design flaws to meet your time obligations.
Neither of these things are true anymore. Intel is now two generations behind TSMC in fabrication for high performance chips and one generation behind for low-energy chips. Apple will be using TSMC to manufacture all their processors so they can leverage TSMC's advantage here as AMD has recently done.
Due to Intel's fabrication problems they're unable to execute on designs. They already had several generations of chips ready to go but were unable to manufacture them. Their problems with getting 10nm to work outside of a laboratory are well documented and Intel has had to scale back their release of 10nm parts significantly due to this.
So getting back to the premise of the topic with the above context out of the way. The reason PowerPC failed wasn't because RISC is a bad idea. It failed because IBM couldn't execute on new designs based around it. When you are in the chip game you're only as good as your latest chip because there is fierce competition.
The question is will Apple be able to maintain their high level of execution? I think they have the money to make sure they never fall behind and by that I mean they can hire whoever they want to design their chips, they can purchase almost any company that has unique technology that would give them an edge and they can pay for the latest fabrication technology (currently that is 5nm offered by TSMC and if you've not noticed Apple are the only company in the world shipping 5nm processors today in the latest iPad and the just announced iPhones).
I think the future for Apple Silicon is incredibly bright and it really all comes down to money. They are simply outspending everyone on chip design and fabrication right now and that alone will guarantee they stay at the top, it's really that simple. When you can make chips with a 1.83x higher density to your competition with a 9 to 12 month lead.. it's just impossible for anyone to catch up.
As an investor I will say there is one major thing that could hurt them, hubris. If they think they're so far ahead they decide to take their foot off the accelerator that will result in the competition nipping at their heels. This is partly what happened to Intel they sandbagged the mainstream market with quad cores for just over a decade and it gave AMD the time to come back with a stellar architecture, the chiplet design AMD came up with caught Intel completely off guard with its scalability, high yield rates and performance.
That same thing could happen to Apple if they don't keep pushing, you can't stop on any front (design spending or gaining almost exclusive access to the latest fabrication nodes available). So yeah, for me execution isn't a problem, it's will. Hopefully the management doesn't change their ideas around perusing the best technology with no expense spared.