Cloud Gaming is coming big time. The switch from consoles (on-prem) to cloud will be both more lucrative to customer because of long-term updated HW on the backbone and availability everywhere and for manufacturer by decreasing costs and immediate deployment. Therefore the ROI for both sides makes a lot of sense. And what does occur when there's an innovation that makes sense for all sides? You're right, it's an S curve.

Who's winning here? Well, a few examples: $AMD $QCOM $NVDA $MSFT