This is what Intel CEO Pat Gelsinger has to say on the company shutting down its GPU development – Times of India

Intel previously brought the Arc 380 in China which suffered from driver issues. Soon, rumours about the company bowing out of the GPU business started swirling, with 2023 being the year the company was expected to quit. Now that the CEO himself has confirmed that the company is ready to ship the Arc A770 GPUs, it remains to be seen where the company plans to land them. The A770 is the first gaming-centric GPU Intel has produced and it may very well arrive first in China, as was the case with A380, but, on the other hand, Intel may choose to introduce them to the other major international markets like the US and Europe first.
The Arc 770 would be Intel’s first high-end GPU based on the DG2 Alchemist GPU. Intel has so far released entry-level cards for desktops and high-end GPs for mobile platforms under the Arc series. The Arc 770 would change that.
Coming to the competitors, Nvidia may announce a few cards from its RTX 40 series at the fall GTC 2022 keynote. The GPU prices from Nvidia and AMD are also normalising, “often dropping below the suggested retail price as mining operations that focused on Ethereum are unloading their cards following the Merge”, as per a report by Tom’s Hardware.