I think this will get interesting if/when MS, Nvidia and others start using ARM cpus more widely as well. Nvidia just bought ARM so that would help them get rid of Intel as a middle man for gaming hardware. MS already has windows running on ARM but that seems to be a budget laptops only kind of thing so far. Also they are shipping AMD on x-box, which is interesting. But you could see Nvidia building an SOC graphics + cpu running windows potentially. Most game engines already target IOS and Android so there should be no issues porting to ARM on that front either.

AMD ought to be paying attention. Risc V could be an alternative at this point if they want to push the market in a different direction. Having to license ARM from Nvidia would not be their dream scenario, I imagine.