Yes, it might; though, unlike memory, a processor is more than just a frequency/feature size and a TDP. A processor also has specialty instructions which workloads may have been optimized for.
I would expect that right now, Google is 1. seeing to the re-engineering of certain math libraries they use internally for Google Search et al, and 2. like AWS, intending to create separate cloud-VM instance classes for Intel vs. AMD processors, where each workload type can “pay its own bills.” If AMD continues to dominate in server TDP, then I would expect this to lead to the AMD instance classes getting cheaper while the Intel classes remain the same; and so most customers switching to AMD instances, save for the customers who themselves have workloads optimized for Xeon-specific SIMD instructions.
I would expect that right now, Google is 1. seeing to the re-engineering of certain math libraries they use internally for Google Search et al, and 2. like AWS, intending to create separate cloud-VM instance classes for Intel vs. AMD processors, where each workload type can “pay its own bills.” If AMD continues to dominate in server TDP, then I would expect this to lead to the AMD instance classes getting cheaper while the Intel classes remain the same; and so most customers switching to AMD instances, save for the customers who themselves have workloads optimized for Xeon-specific SIMD instructions.