I suspect if Intel is real, it has lost billions on its GPU efforts over the past five years. I don't know how many people worked on Alchemist and Battlemage, but it's got to be hundreds. Each of those probably earning in the 200K or more range. R&D for a dedicated GPU is massive.
I think the hardware for a B580 is a little bit more than break even at $250. But the problem is you have several years of R&D that needs to be covered. There's no way Intel makes more than $50 off of a B580, and even that's being VERY generous. How many would Intel need to sell at $50 net profit to cover even $1 billion? Well, that's easy math: 20 million.
Does anyone — anyone!? — actually think Intel has sold more than five million Arc GPUs? I certainly don't. The Steam Hardware Survey shows "Intel(R) Arc(TM) Graphics" at 0.22% of the total, and that's going to be Alchemist laptops most likely. Maybe if every one of the 9.7% of the "Other" category of GPUs is an Arc graphics card, it might be 20 million. But considering the "Other" category has been at around 8~10 percent for as long as I can remember, I'm pretty confident it's not millions of Arc GPUs hiding in there.