Oh it is far from nothing to be certain. And as Netflix's recent loss of subscribers and subsequent drop in stock price showed nothing is forever. But I'd still need to see the drop continue for a bit longer before I full on expect Microsoft to be in trouble.
Mind you, I would like to see them follow in Apple's footsteps on the train the M1 is creating. It certainly makes it FEEL like there is more runway down this path then Intel's, with caveats for potential hardware vulnerabilities like specter that simply haven't been found yet on Apple silicon to inhibit optimizations.
As someone who can remember this never changing, that's a pretty steep slope...