Every indicator we have is that movement to the cloud is a massive tidal wave, and all we have on the retreat to on-prem is a handful of anecdotes and vibes. It's really up to the proponent of such an argument to provide some evidence for the extraordinary claim that return to on-prem is signifiant enough to influence server market share (or even establish that such revanchists would prefer AMD more than cloud buyers do).
I doubt there will be a move to on-prem so much as places that already knew for their workload the cloud didn't make sense will be a little more careful and so not move. For many servers the cloud makes sense though, and so I think we will see places move more and more as they see the value of the cloud.
For a large company with accountants they can do the accounting math, and a rack or two of servers is expensive - it need real estate, trained employees, managers for those employees, HVAC, power, backup servers, backup power, .... This adds up faster than on-prem advocates think. Many of those costs are things that work better in data center sized warehouse than a smaller company and so cloud can often be the a lower price once you really add up the costs. This is particularly true if you can share cloud resources in some way.
On-prem only makes sense for really large organizations, exactly the ones that can negotiate with cloud providers.
What I do expect to see eventually is a large movement towards commodity IaaS providers. And those tend to be middle-sized and not design their own hardware, so they act like the on-premises market. (But I can't say I'm seeing any movement here either.)
