Sure, and that's probably where they're going to need to position it at most. 4060 Ti at 400 by all accounts isn't moving, and the 16GB at 500 is probably going to be even worse. If 32CU scaling at 128bit bus width is anything to go by for the 6650XT->7600, CU to CU performance is pretty much flat. Full N32 will probably split the difference between the 6800 and 6800XT, and 6800XT's at least in the US where there's still supplies are sitting in stock at $500.
Specs for N32 are the same as RX6800 except IC size, memory speed and GPU clock.
RX 6800XT is only 15.3-15.5% in every resolution based on (
TPU).
RX 6800's boost is officially 2105MHz, but TPU measured higher median clocks.
Median:
RX 6800 - 2218MHz (
TPU)
RX 7900XT - 2692MHz (
TPU)
RX 7900XTX - 2631MHz (
TPU)
With 20% higher clocks, you are at 2662MHz, which is in the middle of what N31 managed.
This should be enough for N32 to be on par with RX 6800XT in raster and be faster in RT.
Realistically though the N32 GCD is the same size as N33 on the same process at 200mm², and the GCDs are 146mm² on an older process. With the MCD packing say it costs twice as much as N33 to make. There's twice as many VRAM chips, but PCB, assembly, packaging, distribution and marketing certainly won't cost double for N32 vs N33. There's already 7600's selling in the US for $257. AMD might not want to sell at $500 or below, but if they can sell a 7600 at $257, they can sell N32 at $500 or less.
I also did some calculations and I got 2.64x times higher production cost for just dies(GCD + 4 MCDs) compared to N33 die, excluding the more expensive packaging.
The rest are only assumptions, don't take It like It's a fact.
N33 -> $25 + $5 for packaging
N32 -> $66 + $14 for packaging
N31 -> $102 + $18 for packaging
Let's say AMD asks 37% of the MSRP as the price for N33 from the AIB.
Let's say AMD asks 44% of the MSRP as the price for N32 from the AIB.
Let's say AMD asks 40% of the MSRP as the price for N31 from the AIB.
N33: $269 -> $100 per N33 chip, production cost is $30 and gross profit $70.
N32: $499 -> $220 per N32 chip, production cost is $80 and gross profit $140.
N31: $999 -> $400 per N31 chip, production cost is $120 and gross profit $280.
As you said, N32 could cost less than $499, they will have profit, just not as much.
They can ask for the chip $40 less, AIB will reduce Its gross margin by -$10 and we are already at $449.
But let's be honest, they will ask at least $499 for N32.