| Are we looking at a future where home computers are replaced by thin clients and | all the power lies in subscription services?

arguably, we are already there. The majority of people don't use a computer anymore, they use their phone. The phone itself is just an interface to the cloud. If I lost my phone today, and got a new one, the only inconvenience would be the time it takes me to set up the new phone, and the cost of the new phone. I wouldn't lose anything because everything is on the cloud