My only guess is they have a parallel skunkworks working on the same thing, but in a way that they can keep it closed-source - that this was a hedge they think they no longer need, and they are missing the forest for the trees on the benefits of cross-pollination and open source ethos to their business.
So while Intel had to bow to AMD's success and give up Itanium, they weren't then limited by that and could proceed to iterate on top of it.
Meanwhile it'll be a cold day in hell before Nvidia licenses anything about CUDA to AMD, much less allows AMD to iterate on top of it.