No one is coming to save us
At least in 2023, there are no knights in shining armor on white horses to save the consumer GPU damsel in distress. They are all off on the Crusades fighting each other in the War of the Datacenters.
All these companies will keep a few premium PC graphics cards around. After all, all video games are designed on PCs. But PC gaming (and its hardware) will end up like 35mm film photography. A niche hobby for those with deep wallets.
Cloud gaming -- much derided by people here and elsewhere -- continues to make inroads. You can say all the negative things you want about cloud gaming but I guarantee you that it is not standing still. It might not be the best solution for everyone all the time, but for sure it will be a great choice for many for certain situations (and those situations grow all the time).
Think about
Baldur's Gate 3. It's a turn-based strategy RPG that really doesn't rely on super quick input latency. Or
Microsoft Flight Simulator. With a cloud gaming service like GeForce NOW, the user doesn't need to worry about installing the latest driver or that 20GB patch. That's today. This stuff continues to forward.
The PC gaming hardware business is very limited and difficult to break into. And the people who can design this silicon know where the money is. Even if a bunch of Nvidia/AMD/Intel engineers left to form a startup, they'd focus on the explosively growing AI accelerator market instead of the largely stagnant consumer PC market.
Remember that AI didn't appear out of nowhere. These companies have been working on differentiated silicon for machine learning for years, even Apple who doesn't sell their silicon. The AI frenzy was bound to happen at some point. Even if Apple isn't competing in silicon sales, they are competing for talent: every engineer that signs up to work on Apple's Neural Engine is a person who is not collecting a paycheck from AMD, Intel, Nvidia, Amazon, Alphabet, Meta, etc.