Ai accelerators and gaming gpu could definitely be split apart. AMD already uses different architectures for those applications and they have notably smaller engineering teams.
Raytracing could also ostensibly be spun into a separate division. That's already split quite a bit in the architecture. Then Intel, AMD and whatever other competitors pop up could license the raytracing tech stack or even buy raytracing chiplets.
Some of the software solutions like DLSS could be spun off and allowed to license to competitors.