There's also another possibility. AMD gets tired of its GPU venture and decides to put it on the market for sale.
Dream on Eyegore.
Sony is their biggest customer, and graphics are integral to those orders. Microsoft is another big customer with the same needs. Handhelds are the latest burgeoning market/new hotness. AMD APU powered minis are everywhere now. AMD GPUs may not be so popular in the discrete market, but those sectors are blowing up.
With Intel putting ARC tiles on CPUs now, that is another step in the right direction. Another good way to justify some of that 6yrs (or however long this has been a project) of R&D too.
When Ryan and TAP were doing the launch tour, Ryan told a story on one of the podcasts I was listening to. He was playing Stray on his Steam Deck and the person sitting next to him on the flight leaned over and watched him play for 20 minutes or so. In an age where everyone has their own mobile device, that they were captivated enough to do that, had to have made a strong and lasting impression on him. I suspect that division of Intel intends to be competitive in the those markets. If the bean counters axe doesn't find their necks first.
Another podcasts mentioned that Intel handheld kickstarters don't even get near the ballpark of the preorders the AMD ones have. Intel could steal some of their thunder with ARC based APUs powering them. NUC isn't what it once was, it'd be a return to glory there as well. ARC has a lot of potential outside of dGPUs, I hope it fulfills that potential.