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JEMC said:

I agree with the others, that Intel-Nvidia partnership came out of nowhere and it's unsettling. More so with Nvidia purchsing a part of Intel. Well, Nvidia couldn't make their own x86 CPUs because Intel refused to sell them a license and now they've managed to make Intel do the CPUs they want. What a time to be alive.

Also yes, this move does cast a dark shadow for Intel's ARC.

Meanwhile, AMD goes and launches the 7700 out of nowhere. Why? Why now? What's the point of this card?

To get rid of all the dies that couldn't hit at least 7700XT performance. With how high yields are at TSMC, they likely had very few dies with more than 6 bad CUs. Now they have enough to make a SKU, this will probably be OEM only. Any die with 40 to 53 functional CUs would have been set aside for this card.