AMD already has people working on an optimized ARM CPU scheduler and other components.
RISCs are much simpler than x86 but once you start designing your own CPU cores then the huge cost savings claimed for going ARM disappear.
By shifting emphasis from x86 to ARM MPUs AMD will simply move from facing one huge competitor, which insists on getting high margins, to dozens of extremely hungry competitors willing to eat dog food to win a socket. Out of the frying pan and into the fire?