He's right, but ...
... what put Intel into the catbird seat may knock it back out.
As Torvalds points out, Intel won the server space because development platforms supporting it became much cheaper than the big name platforms at the time. And it's what gave Linux a leg up over NT in this space as well. x86 platforms being equal, someone just starting out on a shoestring could slap together a GNU tool chain for a lot cheaper than the requisite Microsoft licenses were going to cost.
But now, Intel is having trouble in the home/small office market. The preferred platform is moving off of beige boxes and over to laptops and tablets. With batteries. Something that Intel continues to have troubles with. ARM is moving up from the bottom, so to speak. It is the go-to platform for SoCs, embedded apps, phones and tablets that aren't manacled to a power cord. And it's an easy sell for clients where the consumer doesn't give a damn about processor technology. If ARM manages to wiggle its way into more client platforms, it will become the development platform for server space.
Once ARM gets into server racks, the power issue may raise its head again. It Intel can't get its act together on power consumption, the lower power cost of the ARM platform, while something a consumer may not consider, will be a part of the data center's TCO.
I'd go on about this, but my ThinkPad's battery icon is winking at me and I've got to find a plug .....