At this point, the executives for AMD and Intel have committed to some level of hardware-level fix for their upcoming designs. Intel is saying a design with hardware-level changes specific to Meltdown and Spectre will appear at some point later in 2018, and AMD gave similar language for Zen 2, which was recently announced as being design-complete.
What those changes could be, their level of effectiveness, or if later designs will have further improvement is unknown at this point.
AMD's whitepaper does have some hints for what some of the changes could be. It indicates that some future design with more than 32 entries in the Return Stack Buffer will no longer require that privileged code spam the return predictor per V2-3.
V2-2 hints at possible architectural changes in the future for controlling indirect branch speculation. The IBRS-related changes in V2-4 would be a form of architectural change, although partly software-driven. AMD didn't commit to how V2-4's features would carry forward, and it's a bit more complicated knowing which sub-features apply to which cores.
AMD's a bit quiet on V1 architectural changes, other than promising that the LFENCE serialization setting used for software fixes will be supported going forward.
Intel does promise a Meltdown fix in hardware.
Spectre seems to be more complicated to interpret, given the statement of hardware fixes versus a lack of clarity on the IBRS settings and other workarounds not being given some sort of expiration date.
One software/hardware direction from Intel's speculation paper (4.4) that could apply to V1 and V2 is memory protection keys on future hardware with hardware Meltdown mitigation. While not wholly in hardware, something like this is something of an indication that both Spectre variants could have additional protection.
For what it's worth, it appears that VIA's latest x86 core is not affected by Meltdown, but is Spectre-vulnerable.
Some of the language concerning the difficulty in exploiting Spectre may be reminiscent of AMD's language concerning the "near-zero" chance of exploiting V2.
https://fuse.wikichip.org/news/733/zhaoxin-launches-their-highest-performance-chinese-x86-chips/
"We’ve asked Zhaoxin if they are affected by the recent security vulnerabilities and they confirmed that the KX-5000 series is unaffected by Meltdown. They also noted that their chips are indeed affected by Spectre, adding that it requires a much more complex sequence of operations, making an attack incredibly difficult and impractical."
Unclear at this point is how deep the various changes can be, which may be a function of resources, how long the vendors knew of the vulnerabilities, how far they are willing to go to mitigate, and what existing features could be leveraged to get better time to market for mitigation.
Intel's memory key + Meltdown fix could be consistent with a change that more promptly checks for access faults, though there could be various ways this could be implemented with varying levels of continued speculation.
AMD's hinted direction for V2-3 may mean that it will be keying some of its RSB hardware by privilege level. Other elements might be available for an implied protection of the kernel, given the close presence of the TLBs.
Less clear is what might be available for cases where privilege boundaries are not being crossed in AMD's case.
Upon reflecting on AMD's current immunity from Meltdown, I wondered how painful KPTI could have been if it were vulnerable. AMD's ASID implementation seems more heavily linked to virtualization, and a single hypervisor at ID 0 and the rest being guest VMs. This seems closer to Intel's VPID rather than the orthogonal PCID functionality that helps salvage some of the performance lost to KPTI.
Perhaps this less-flexible permissions model correlates with simpler hardware and to AMD's speculation stopping more quickly at privilege boundaries. It does seem to carry forward into its memory encryption measures, which apply at a VM-level.
Intel's situation has left it vulnerable due to its more permissive speculation window, although perversely that flexibility might have left room for elements that salvaged some of the performance lost like PCID or in the future might help more with Spectre (MPK).
I'm still not sure if it's better if Intel were to reach a point where it can dispense with KPTI, rather than AMD and Intel reaching a better support level for separate OS and user mappings.
How kludgey the hardware workarounds would be for designs nearly finished is unclear. If it's blocking speculation, it might hurt performance outside of the corner case. Measures that kick in specifically when such mis-speculation occurs or do more to encapsulate side effects might be out of the scope of a late-stage silicon tweak.