I don't think there will ever be a competitive x86 chip. ARM is eating the world piece by piece. The only reason the Steam Deck is running x86 is because it's not performant enough with two translations (Windows to Linux, x86 to ARM). Valve is very wisely starting the switch with a VR headset, a far less popular device than its already niche Steam Deck. The next Steam Deck might already switch to ARM looking at what they announced last week.
x86 is on the way out. Not in two years, perhaps not in ten years. But there will come a time where the economics no longer make sense and no one can afford to develop competitive chips for the server+gamers market alone. Then x86 is truly dead.