It's funny, I honestly doubt Qualcomm can compete at this point. Intel intends to be on the same node as Apple by EOY 23, so honestly Qualcomm would have to make a pretty competitive chip to have a chance at playing in the big leagues. Look at it this way: Qualcomm needs to have CPU performance that can beat Intel and iGPU performance that can compete with Ryzen chips, that's the entry-level requirement to start convincing people that ARM is the future on PC. Of course, this is not going to happen, especially if they're on some podunk 7nm Samsung lithography or something of that vain.

I can see this unfolding one of two ways, neither of which are good for Qualcomm:

1. Intel takes back the performance crown and recoups their efficiency losses over the next 2 or 3 generations. They double or triple their density, start aggressively buying up TSCM silicon to supplement their own fabs, and go back to being the de-facto PC CPU manufacturer.

2. AMD pushes hard on their efficiency, 3D cache and iGPU technologies, muscling Intel out of the competition and making an indisputable case for their dominance in the mobile/laptop category. Everyone except long-time Intel contractors switch their main products for Ryzen chips, and eventually they get the leverage they need to take over the professional/business sector too.

Notice how nowhere I said "Qualcomm, a company with little to no history in the field of PC manufacturing, designs a chip that will likely be slower than it's x86 counterparts, has no means of emulating the x86 software people buy Windows machines for, and magically finds it's way into hundreds of consumer machines." That's because it's a pipe dream, and with the nature of PC computing, you simply can't transition architectures in the same way Apple did. I reckon x86 is going to stay relevant for at least another 5-10 years on the Windows/Linux side of things, and by the time people are sick and tired of it, I think we'll be eyeing RISC-V chips by then. ARM is starting to get long in the tooth, and it's advantages as an architecture have pretty substantially diminished over the last 20 years. It also still hasn't solved big problems like SIMD execution or ISA modularity yet; there's a real chance for another architecture to eat it's lunch in the distant future.