Why even bother with zen3D, when margins and demands for GPUs are at a record high?
If you have limited 7nm wafers and you are guaranteed to sell every GPU you make. Is there any reason to focus on CPUs in this market?
Good question! A few points to keep in mind:
AMD makes more money off Mi100 than a 6900XT
Video cards (like a 6900XT) require more components than a CPU package. Some of those components may be in short supply, reducing how many finished boards OEMs can realistically produce
The margin on EPYC is much better than Ryzen
Maybe AMD has saturated board partners with GPUs (meaning that card supplies are constrained by other components) or maybe they have not. But the market wants as much Milan as it can get right now - it's hard to order them in quantity! And AMD has much better ability to introduce more CPU product to the market, especially given how well N7 and its variants yield at the moment. I think it's pretty obvious that AMD is probably burning through every N7 wafer they can get and selling all of it. And even if they ARE focusing on dGPU production, they're going to make a lot more off enterprise cards than overpriced, gouged gamer cards.
Bottom line, the real money is in EPYC first and Mi100 second (and I only say Mi100 second, because it's slightly more niche and AMD is potentially limited by board component availability). There are reasons why it took AMD forever and a day to meet consumer demand for Vermeer and why they have never met consumer demand for RDNA2 cards.
Zen3D seems like a "slam dunk" since it involves stacking some SRAM onto B2-stepping Vermeer which they're (apparently) already able to produce in some quantity. It does look like they're going to move B2-stepping Vermeer into the market, at least to maintain a presence until they're ready to transition their consumer desktop products to something different (Raphael et al). But yeah I would not expect Zen3D consumer products to be a top priority when, again, they can just keep selling Milan now and for the foreseeable future, even after Genoa hits the streets. How RDNA2 interfaces with all that is anyone's guess. But I think, if you want to better understand why AMD isn't flooding the market with RDNA2, you need to look at the board partners and component supplies, as well as the enterprise cards. AMD may have produced a lot of dGPU chips out there waiting to go into boards that still haven't been built. Or maybe AMD is betting on a mining crash and constraining supplies of consumer cards.