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Windows 12 May Require a Subscription
(www.pcmag.com)
This is a most excellent place for technology news and articles.
I think it's a stretch, maybe not a big one but still. This could cause a shift to another os, at least in countries where having such a model is out of the question. And something like that can cause a snow ball effect of people switching. Right now Microsoft is still in a sweet position, problems already coming from apple. They wouldn't.
I would imagine if it does happen, there will be another reddit style migration. The pissed off leave and everyone who doesn't care or aren't upset enough stays.