Why can't it grow? Server builders still want the fastest CPUs. For them, x86 still gives the best performance per watt and dollar. Yes, ARM servers are starting to appear but I don't think they're up to par with Intel yet.

And the cloud needs servers. Lots and lots of servers.

True, Intel faces stiff competition here. But folks are sometimes forgetting Intel wasn't always a monopoly in its field. It had competition, lots of it over the years. I wouldn't bury them just yet.