Not sure why you’re so sure that cloud would be the next winner either.

Because, in aggregate, gamers are stupid consumers.

I hate to be so blunt, but they have, repeatedly and demonstrably, made uninformed purchases. They buy bad games on launch day, complain, then turn around and do it again. Heck, they’ll hardly even look at AMD or Intel GPUs now simply because there’s isn’t even the minimum amount of effort made to shop around.

They are going to just buy the cloud gaming subscriptions if that’s all that’s financially viable

Keep in mind that I’m talking about the bulk market. Sure, plenty of us will turn our nose up. But the R&D required to even develop consumer hardware requires volume, so pickings and refreshes will get slimmer with less money in the pool.