You don’t really need the majority of the market to have moved before things start to get tricky for Intel. They’re a very much non-diversified company; the entire house is bet on x86. They’ve only just started dabbling in discrete GPUs, despite having made integrated GPU SOCs for years. Other than a bit of contract fabbing, almost every penny they make is from x86.

If ARM starts to make inroads into the laptop/desktop space and RISC-V starts to take a chunk of the server market, the bottom could fall out of Intel’s business model fast.