On the contrary, I wonder if we're likely to see a resurgence in RISC, as it comes into its own with extremely large numbers of cores. I don't think this Oracle chip is necessarily an indicator of that, but there are other signs indicating it could happen.
What you are saying is very true. Or at least it was true, 20 years ago when RISC was supposed to be the next big thing and then it wasn't. But that landscape is finally starting to change.
What's different now is that after dominating the server and desktop market through brute force, Intel hit a saturation point about 10 years ago and since then, clock speeds haven't increased much, nor have instructions per cycle, both of which were increasing so fast year-on-year through the 90s and early 2000s that nobody could keep up. Now even Intel have been forced to start scaling out horizontally by adding more cores: that's now virtually all that differentiates their fastest CPUs from their slowest.
Because of this, developers are increasingly having to think more about writing concurrent code. Languages like Go, F#, Scala and Clojure are seeing a huge upsurge in popularity lately; it's not happenstance. Functional programming has been largely confined to AI and CS research since the 60s, but it's suddenly becoming popular with pragmatists for scalability.
The thing is, once your code is no longer bound by single-threaded performance, it starts making sense to just add more cores if you can, especially if you can do so without a significant transistor cost. With x86, adding cores is expensive because each one is exceptionally complex, but RISC can be simpler, use fewer transistors and operate at lower wattage. Huge numbers of cores can also be exceptionally power efficient if each core can run in a low power mode until needed.