DEC made fx!32 to allow x86 emulation on alpha only. They didn’t tackle ppc or mips.
HP foodnote: HP had this vision of NT at the desktop and HP/UX server iron. Folks preferred Solaris over HP/UX so that was their idea to adopt windows. The guy at hp pushing that agenda, Belluzo, eventually left and went to Microsoft.
FX!32 was really cool. The Alpha systems were crazy fast compared to the Pentium systems of its time, so even using the translation layer, x86 Windows NT apps performed reasonably well under FX!32. The intent was to have that be a stop-gap until third-party software vendors made native Alpha builds of their NT apps.