Feels like some wishful thinking to get from "ARM is working on gaming" to "New discrete GPU vendor, maybe?"
Given that their main business is licensing SoC component designs, the obvious guess seems to be that they're developing a bigger/better iGPU design to try and stay competitive. ARM might be doing great with CPU licensing, but not so great at graphics design licensing. Nvidia uses their own IP, Apple uses their own IP (derived from Imagination), Qualcomm uses their own IP (distantly forked from ATI/AMD), Samsung is licensing AMD's IP, and Google is sticking with the cheaper Mali iGPUs for now. Only MediaTek has picked up the Immortalis, I believe.
Right now, ARM's flagship graphics archietcture actually underpins very, very little of the gaming happening on ARM CPUs, and I imagine that bothers them.