Intel (INTC Quick QuoteINTC - Free Report) has been falling behind Moore's Law, which states that the density of transistors in integrated circuits doubles roughly every 2 years. In laymen's terms, this has come to mean that digital chips become twice as efficient and halve in cost every 24 months.

Intel co-founder Gordan Moore formulated this theory over a half-century ago, but his legacy enterprise has fallen behind the curve.

Intel announced in earnings last night that it would be pushing it 7nm chip release out to 2022 or 2023. By this time, TSMC (TSM Quick QuoteTSM - Free Report) will have already begun its production of 3nm transistors. Intel is losing its innovative edge, and its controlling CPU market share is soon to follow.

Intel announced that it will require outside fabricators in a contingency plan to keep up with digital demand, and TSMC is the obvious choice for external manufacturing because of its scale and expertise.

INTC fell over 14% on the disappointing earnings news, while TSM surged over 12% with the anticipation of another massive client joining its ranks.

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