Microsoft asks Intel to build a 16-core Atom server-chip | WinRumors
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it's possible to recompile server apps for a new architecture - and theoretically effortless, if running on a VM (e.g. Java, C#) that has been ported.
ARM chips use much less power per processing throughput, and since power consumption and heating are serious issue in huge server farms, this seems a clear opportunity. eg. just googled to find: Calxeda is building a 480 core ARM server, and claiming x10 cost savings and x10 performance gains. But sounds like vapourware (and is; doesn't exist yet). http://www.calxeda.com/