The risk for Intel (and x86) is that ARM-based processors appear to be moving up-market into servers and datacenters, a sign of technology disruption.

- Calxeda (formerly Smooth-stone) is developing servers based on ARM-based technology. (http://www.calxeda.com/)

- In November 2010 it was revealed that Dell is prototyping ARM-based Cortex-A9 servers.

- In January 2011, Nvidia announced Project Denver, with "plans to build high-performance ARM based CPU cores, designed to support future products ranging from personal computers and servers to workstations and supercomputers."

- Microsoft recently announced that Windows 8 will support both x86 and ARM architectures.

- In a February 2011 analysts presentation, Warren East, CEO of ARM Holdings, suggested that ARM is seeking to expand into the PC and server market: "There's a blurring between computers and smartphones, and ARM's success in smartphones is helping us get into computing...Cortex A processors support multiprocessing and that delivers the high level of performance required by server applications." (http://www.theregister.co.uk/2011/02/01/arm_holdings_q4_2010...).

In October 2010, I posted a related article, "The End of x86?," that examines the potential disruption of x86 by ARM using Christensen's disruptive technology framework: http://www.fernstrategy.com/2010/10/21/the-end-of-x86/