Windows remains the only relevant platform for commercial software, and x86 remains the only relevant architecture for that platform.

If emulation fixes that - through box86 or similar - that’s still not great news for ARM. Because once architecture doesn’t matter, nobody’s gonna bother licensing one. RISC-V is the obvious contender, already buoyed by engineering toys and some microcontroller-y niches. MIPS is trying to make a comeback. But really, anything can work, so long as it can be targeted by an intermediate representation. Once we start melting down programs into LLVM on-the-fly, it’s gonna be the wild west again.