> Intel might not even be making another generation of discrete consumer GPUs
That might be ok. The integrated graphics on Intel chips are getting better - probably 100% thanks to the discrete GPU effort.
Apple has shown with the M1/M2 that integrated graphics can be really quite good even without high-end Nvidia performance. If Intel matches that, they could own the low-to-mid range just by selling CPUs and leave Nvidia in a pickle with no profitable market for their binned chips.