Cloud vendors have been increasingly pushing their own chips. It's hard to see AMD having any pricing power in the long run, unless their chips are significantly better than what big tech can create on their own
The Gigacorps have done this, some of them. I have more interest in the ARM argument than in the "custom chip" argument, unless Amazon and co. decide to retail their processors.
Consoles, most OEMs, and all non-gigacorps will be buying off-the-shelf processors.
I'm pretty sure cloud and enterprise sales make up the bulk of their revenue and growth. Not consumer.
That being said there's likely still a few years of runway left for their growth. Even if cloud vendors don't push their own chips aggressively, they can use it as leverage to cut into AMD margins.
I don't see how ARM is an argument. AMD will easily be able to create competitive arm processors, there just wasn't a strong financial incentive to do it before
Consoles, most OEMs, and all non-gigacorps will be buying off-the-shelf processors.