Intel is said to be releasing their new line of Xe consumer graphics cards later this year. So far there are very few leaks but it seems that there will be 6 graphics cards with the fastest performing somewhere between a 3070 and 3080 while pulling 275 watts. Intel couldn't have picked a better time to break into the discrete GPU market but I wonder if we can trust a first gen product.
I think we can have a little more confidence in them simply because their CPUs have had iGPUs in them for many years now and they aren't going in completely blind with no driver support etc. Apple didn't do too badly with the GPU in the M1 and that's the first 'desktop' class GPU they have ever produced. If it were a smaller company I might be a little more worried but Intel should now have enough experience of making GPUs and driving them to know what they are doing. I'd be more worried about their ability to produce anything given their struggles at the fab level for the past 5 years or so.
Intel has does have experience with iGPUs so we'll have to see if that translates to discrete GPUs with more features. Intel might also need to work on their game developer relationships. Nvidia and AMD work directly with developers to optimize games for their products. I don't think that's something Intel has ever had to worry about. As far as production goes, Intel is most likely using TSMC 7mn which is what AMD uses. Apple's move from TSMC 7nm to 5nm has probably freed up some production lines. I don't think there is anyway Intel could compete in a GPU market using their own facilities stuck on 10nm. On a related note, the US government is getting very concerned that so many of our semiconductor products are now coming from one company. If China disrupts the TSMC supply chain we can say goodbye to all of our fancy gadgets.