Intel went another route - hiring Raja Koduri off AMD & building a new GPU team around him. It seems like he has been given his head and allowed to produce a competitive GPU architecture.
Intel's future is so dependent on catching up on process technology. The CPU & GPU (Xe) architectures are up to scratch, but price, power, & performance competitiveness all depend on being on the same process node (or transistor scale) as the competition.
BTW the other interesting thing that's going on is die disaggregation, i/e/ multiple chips in package each of which uses the most appropriate process technology AMD has been very successful here, but Intel has been at it almost as long (but in the Stratix 10 FPGA product line).