This seems like it could be a long term existential threat for AMD. AMD CPU + GPU combos are finally coming out strong, both with MI300+ series in the supercomputing space, Strix Halo in laptops, etc. They have the advantage of being able to run code already optimized for x86 (important for gamers and HPC code), which NVIDIA doesn't have. Imagine if Grace Blackwell had x86 chips instead of Arm. If NVIDIA can get Intel CPUs with its chip offerings, it could be poised to completely take over so many new portions of the market/consolidate its current position by using its already existing mindshare and market dominance.

x86 is important for gamers, but is it for HPC? That tends to be far less dependent on binary blobs.