> If cloud keeps making offers good enough such that people pick it instead of building their own PC, the number of personal devices will decrease.

Perhaps, but I never claimed otherwise. Simply that the personal devices that do exist will also have games for them. Computer games were here from the beginning, and they will be here in the end. And even personal devices that were chosen for non-gaming needs can play games, nothing requires games to run only on RGB-infested PCs.

> But I'm a bit skeptical of how much market value can be sustained by

Yes, the market dynamics may certainly shift, but that's been the story for decades already. And if cloud gaming were going to be this immediately-better story, things like Stadia and Luna would have performed much better in the market.

I think people worry about the cost-efficiency of how to do gaming in a world where hardware is expensive, but the reason hardware is expensive is because it's being sucked up for AI usage, not for gaming usage. So cloud gaming will also necessarily be expensive by these terms, even if the average cost seems less for a cloud gaming subscription than owning your own PC or console.