So, Microsoft making ARM server chips makes sense, since their biggest competitor in the cloud computing space, Amazon, is making their own ARM server chips as well, and Microsoft would want a comparable service for Azure. Meanwhile, the Surface chips are interesting, but until Microsoft gets the Windows 10 for ARM experience in order, they'll be entirely academic. Right now, the impression I get is that Windows 10 for ARM isn't really much use beyond web browsing and basic office work, and you can do both on any given phones or tablets for cheaper.
Basically, the short version is that Intel owns their own chip fabrication facilities, and they've been stuck on iterating on the same 14nm process node for the past six years while struggling to get their next generation of silicon manufacturing reliably producing chips. Meanwhile, their competitors, most notably TSMC, have caught up, and Intel's response has been to throw more power at the problem. This is fine for desktops (to a point), but it not great for laptops. Now, Intel's still stuck on 14nm, while AMD's Ryzen is using the now very mature TSMC 7nm process to attack Intel at all levels of x86. Meanwhile, Apple, with access to TSMC 5nm and the rights to customise ARM's already excellent power efficiency, is rolling out chips that are state of the art at low power draws. The problem is that the jury remains out on how this can extend to higher power chips. Which brings me neatly to...
This is where I'd be substantially less confident. AMD has access to TSMC's knowhow, and will likely be riding Apple's coat-tails to higher and higher power efficiency. At the power draws both newgen consoles work for, there's practically nothing ARM can do that x86 can do better. Sticking with x86 also has the side benefit for making maintaining software compatibility substantially easier.
This is also where I'd caution against predicting ARM for desktops being an inevitability (outside of Apple). The above does also apply to desktop CPUs. Intel's problems are nothing to do with x86 and everything to do with Intel.