It is, to all intents and purposes, dead on ARM. Surface RT is gone, the phone division is at a bare minimum, and the Lumia range will be drastically cut back.
There's nowhere to run Universal Apps apart from x86 desktop/laptop and x86 tablet. And to do that developers might as well use Win32 instead of a whole new API which is more limited than Win32. So making Universal Apps DOA too.
So everything that MS has done after Windows 7 has been a waste of time. At least Ballmer tried to get MS to go forward in the right direction, Nadella has just put MS in reverse gear.