AMD would already be working on a new architecture, which will have the mission of replacing the already obsolete GCN architecture, which is no longer capable of competing on equal terms with NVIDIA architectures.
The arrival of AMD RX Vega graphics cards hints at the inefficiency and shortcomings of the GCN architecture, presented by the company at the end of 2011 and which has since been the basis of all its graphics cards. There are variations and derivations of this architecture, but the basis is the same. This architecture was going well but NVIDIA has evolved a lot in its development since then and GCN has serious shortcomings compared to NVIDIA and that AMD knows and that is why it is working on an architecture to replace it.
Right now, the company's next big product is Navi, which will hit the market next year and will be based on the 7nm manufacturing process and could be the last graphics card based on the GCN architecture. It seems that after Navi they will break the mold and start with a new architecture.
There is no data on when AMD began to develop this new architecture, but if we consider that Zen, Ryzen's base architecture, has taken about five years to develop, if they started developing this new architecture last year, we could see how It takes more or less the same time to have graphics cards based on a new architecture.
Developing a new architecture is really complex and expensive, as well as requiring several years of work and optimization. Raja Koduri would be the one who started the development of this new architecture, but we don't know where in the process he left it, after moving to Intel.
GCN cannot compete with NVIDIA, and it is reflected very well in Pascal against Vega, where the Vega are highly energy inefficient, generate a lot of heat and the power is not even by chance at the height of consumption. Not to mention other problems, such as the lack of stock and some problems, such as the limitation of overclocking, to limit consumption.
Source: OC3D