All that is easy to say, however for years Intel has aimed at getting an x86 processor into a cell phone. I have not seen one yet, so I tend to think the reality makes it far more difficult to match arm on power than you suggest.

Also, the article covers AMD as a cpu company, however they are now probably 1/3 to 1/2 graphics. Arm could be a way to try to leverage their graphics into new markets. Not saying it will, as I still doubt it myself, but I think that pov needs to be considered.

Finally the idea that playing a sure second fiddle in x86 is better than cut throat competition is a bit dubious. For one its admitting youd rather stay nice and comfy cozy, ie you dont think you can compete with the arm crowd (bad message to investors), and for 2 you are at the whim of #1 as far as market share and margins. It might be nice now, but at any time you could really get the squeeze put on, if you have no place to fall back too, well you disappear (also a bad message).