I think they are more likely waiting to see how supply chains and pricing shakes out.

ARM has a LOT of power and portability implications and lets them leverage cell phone hardware. But the Ryzen AI Maxes are kind of monsters in the laptop space (and that is essentially what a steam deck is).

Get the steam machines and frames out there, see how they settle, and then check in for what hardware lets them meet the price point they want for Steam Deck 2.