Facebook and Google already have their own compute projects and, like Amazon, have access to custom versions of silicon from a variety of vendors.
With a properly open CPU design we'll start to see the first tightly integrated, vertical "cloud" products that maybe still have a "commodity" API on the top (or maybe not?) but are custom all the way down from there.
With the end of Dennard Scaling, if not Moore's Law, Open ISAs and Open CPU designs will radically change both the hardware and compute markets and ecosystems over the next 5 to 15 years, similar to what we saw with Open Source in the 1990s.
Of course, it's not clear that POWER will be the one to do that, and RISC-V isn't going to be making a grab for Intel's crown any time soon, but this looks like IBMs bid to lead in that area.
When the cloud vendors start building systems like this they'll not look too much different from mainframes and IBM wants to continue to own that market.