Has that ever been the case yet, for ARM servers?
There's no "magic" in ARM. The reduced power comes from the reduced complexity. Heck, branch prediction is fairly new in ARM. I have trouble seeing a time when an Intel chip will ever fall behind even a bucket full of ARM chips, unless workloads ever fall near zero.
Intel's designs, being tuned for high sequential performance, are significantly better for that purpose; but if you look at VPS services which currently only get a fraction of a CPU each, I'm sure they could run more power-efficiently with a larger fraction of a punier CPU.
For example, Jim Keller estimates a fully developed arm chip will be 15-30% more efficient than an equivalent x86. Now, this development hasn't happened yet, but with giants like Qualcomm, it will happen eventually.
Besides, never doubt the word of jim keller ;)
At that point you've burned the other company so many times by changing at the last minute that it becomes hard to get real support and engagement where you actually need it.