Taking Fusion to its extreme, Nvidia is all but done for. The GPU will be folded into the die of the CPU, and used for all FP calculations. Bulldozer is perfect for this as AMD is doubling up on the Int cores. Intel is currently ahead on doing this, but both are far form where they need to be.
The thing is, once this id is done, whats left for Nvidia? No chipset business, no need for lower end cards, and even cuda might not be enough once people start using their GPU/CPU combos to convert things. The only market they would have left is mid to high end cards. A market that gets horribly cramped if Intel enters the race.