Agreed, though to add, there's also other ARM chip companies that will undoubtedly challenge Qualcomm: Mediatek, Samsung, Altra, etc. Even if the incumbent x86

Agreed, though to add, there's also other ARM chip companies that will undoubtedly challenge Qualcomm: Mediatek, Samsung, Altra, etc. Even if the incumbent x86 duopoly of Intel/AMD loses, Qualcomm's track record doesn't inspire confidence. One notable example is their former Kryo custom CPU cores. For a time ~2016, it seems like it gave Qualcomm a distinct advantage to own their destiny and move away from reliance on ARM for their CPU core designs (e.g. SD888 is all X1, A78, A55 cores). But it ended up flopping for various reasons and just like their competitors, Qualcomm was back to using ARM designs. This Nuvia acquisition is akin to having another go - but will it be better than ARM's X* lineup? At the same time, there's 2 additional trends that seem to further erode Qualcomm's attempt: 1. Major Android manufacturers are increasingly moving away from Qualcomm's chips, e.g. Google's Tensor, Samsung's Exynos, Huawei's HiSilicon. This means less revenue for Qualcomm and conversely less money they can throw at R&D. 2. Extreme correlation with chip fabrication technology, aka TSMC. At this point, performance is heavily tied into whether you can secure production on TSMC's latest nodes. No one can outbid Apple.