While this chip is a multi-chip module (MCM) that combines an Intel CPU with an AMD GPU and HBM2 on a single module, FUD Zilla claims they still think a graphics licensing deal between AMD and Intel is feasible:
What still remains as a possibility is Intel’s Core processors in the future with Radeon graphics. There is no timestamp for something like this, but our sources confirmed that there have been talks that took place quite some time ago.
With last week’s announcements, we believe that Radeon inside of Core products in the future is a possibility. Even if that doesn’t happen Intel can make a GPU, it will just take more time.