History may repeat again.
Once upon a time (when most people here was not yet born) there where mainframes. In the sixties emerged an "inferior & cheaper" kind of computer, the minicomputer. Despite being inferior, their price allowed them to have a much broader market, and economy of scale allowed them to practically kill the mainframe market( though there is still a mainframe niche market).
In the late 70's early 80's another "inferior & cheaper" technology emerged, the microprocessor. The companies that emerged and almost dominated the word with the minicomputer didn't saw it coming and where late to react. Microprocessor based computers (namely workstations & servers) killed the minicomputer market.
Meanwhile another market emerged, the home PC (x86). That home PC market grew so big that the companies producing "superior" RISC processors tried to introduce their products in that market. However, as usual, the bigger market of the (x86) allowed Intel (and to a much lesser extend AMD) to out-compete the "superior" RISC processors, so that x86 ended replacing RISCS in workstations, servers and even supercomputers. As far as I know only IBM & Sun (now oracle) produce their own RISC processors.
However some of the RISCs (notoriously ARM) found a niche market in the embedded domain, and later on mobile devices. This niche market has outgrown by several orders of magnitude the PC market. And today we may be contemplating a repetition of history: an "inferior" computer type with a much bigger market may replace the "superior" old product or relegate it to a niche market.
Today about 100 millions of x86 are sold every year, that is a tiny market compared with the 1000 millions of cellphones a year (90% are ARM inside). ARM market is not restricted to cellphones, other products like HDTV, BluRay, ... and even cars, have big computer need and have a plethora of microprocessors inside. I've been told that one of the biggest manufacturers of SoCs for the audiovisual market is phasing out several proprietary core designs and replacing them with arms in newer products.
Not only that, the PC market will soon be a shrinking market. Do you need internet access?, don't buy a PC, soon your (ARM inside) TV will do that (or your ARM inside CellPhone). Do you want to game, you don't need a PC, you can buy a console, and probably soon you will be able to use all the computing power in your TV for gamin too. x86 has dominated for longer than any other technology because in the PC market code compatibility was important, but who cares about code compatibility in the cellphone, or in the TV set or in the car. Anyone reading that can tell me what processors has his HDTV or his car inside?
History may repeat again or things can be different this time, but if I had to bet (and I may be wrong) I'll not bet for the PC-x86 combo.