AMD need a post GCN architecture. That is painfully obvious. Going back to the drawing board with a clean sheet is the only way out. There are risks but thats the only option for long term survival of RTG.
GCN is a compute-first architecture, and in that regard, Vega still looks to be competitive. For gaming, it was competitive with Kepler, but Maxwell and Pascal eclipsed it.
It's important to consider that, at this point, Nvidia's professional and gaming cards are basically two different architectures. Sure, GP100 and GP102/4/6/7/8 are all called Pascal, but GP100 is very different from the others in nontrivial ways. There's every reason to think the same will be true of Volta as well. The problem is that AMD, unlike Nvidia, almost certainly can't afford to develop two new GPU architectures. There are three other possible ways they could proceed:
- Try to develop a new "jack-of-all-trades" architecture that can beat Volta (and whatever comes after) in both gaming and professional applications. This would be very challenging, especially with limited R&D resources. One of the major reasons why Maxwell took such a leap forward is that it basically jettisoned everything (such as hardware scheduling) that wasn't vital for gaming. A "jack-of-all-trades" architecture is bound to look a lot like GCN and to have many of GCN's shortcomings.
- Keep GCN as the compute architecture and continue to do minor refinements, die-shrinks, etc. on that for future compute cards, but develop a new ground-up architecture for gaming cards. This would basically be the "two architecture" strategy, and it's questionable if AMD could afford to do it. It's not just hardware R&D but also software development that would be stretched too thin - AMD's driver team is clearly incredibly overworked as things already are.
- Keep refining GCN for compute and just give up on high-end gaming. This seems to be the strategy that AMD has chosen. From a business perspective, it makes sense - I just wish they didn't have dishonest marketing that would lie about it all the time.