No matter what you do, there's yet a problem of size, TDP etc for APU.. you cant put a Thaiti or pitcain grade on the same silicon of the CPU.
Well for some reasons unknown to me ( I would guess may be something related to static vs dynamic power use, leakage, etc.) the power consumption of an APU is not the sum of the CPU and a discrete GPU that would match the perfs of the APUs, it is significantly lower.
So clearly they have room in my opinion. They sell for really low price those +300mm^2 4modules FX CPU, which burns an insane amount of power relative to their perfs.
It seems that in a lot of case the CPU perfs prevent games to sustain 60FPS , so they don't need a crazy big GPU to match one of their quad core. Kaveri still fall short, with 8 CUs, they would better go with 14 CUs along with GDDR5 (do salvage part from here).
So speaking of pretty much passing on producing anything in the GPU realm that doesn't involves at least a 192 bit bus with matching overall rendering capability.
All the gpu you are citing are all coming from the same architecture family, aka GCN. This arch is then declined in different version.
APU is in the low end, middle end market. They will still need dedicated gpu for the high end market, gaming market.. And specially they will still need to develop and do R&D on the GPU front for develop it for their APU ...
Look on global gpu share, they are still largely in front of Nvidia.
Their last financial result were ok, though they are fast at pushing GPU out and too slow at pushing CPU out. I hope that once they only operate on one process, they will increase the rate of release of CPU and lower the number of GPU they release. I do get the CPU need more testing, though they have to acknowledge that not all CPU are server grade.
The CPU are not different from GPU, the have those piledriver cores, they built APUs with 2 modules and the FX line with 8 such cores.
It is to me a better strategy to try to push Nvidia out of a lot of market segment by providing powerful enough APUs vs trying to undercut them by 10 or 20 bucks in the plain discrete GPU realm.
The issue is that if such a move happens, for good, it is likely to create a hole in their revenues for a quarter or two (or more if they messed up) which they may not be in a position to afford.
Though sticking to short term strategy is not good either.