And the same can’t be said for consoles?
Console chips are high volume, single SoC, ordered by one reliable customer (Sony), and can make the transition to cloud gaming if they have to. Sony's already experimented with this, actually.
Discrete PCIe GPUs and "desktop" CPUs, on the other hand, are:
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Mostly consumed by gaming laptops, which OEMs could very well abandon.
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And partially go to workstations/gaming desktops.
But repurposed server chips can serve workstations, while tablets and thin clients can eat the desktop/gaming laptop market from the bottom up, too. The niche that assembles higher end gaming PCs isn't enough to amortize the massive cost of such gaming GPUs by themself (hence AMD and Intel already abanonded their highest end GPU variants).