Sure, as that's true of any industry. The "problem" is we don't know which it will be, and they'll have to battle it out. I don't really see Qualcomm as a server company, though. I don't think they have their hearts in it. Nvidia, Applied Micro and either Calxeda or AMD will be the third.
But again, it's very premature to call it out now. We still have at least 5 major players (Samsung, Qualcomm, Nvidia, Mediatek and Apple) in the mobile chip market, and it's a much more mature market than the ARM server market, so we're a long way until we know for sure.