According to the latest rumors, AMD is working with MediaTek to provide better mobile SoC graphics. AMD would see itself getting back into the ultra-low power graphics market in a very big way, while MediaTek will receive a huge injection of mobile graphics horsepower.
Right now, it's a big war between Qualcomm, Samsung, Apple and MediaTek. MediaTek, until now, hasn't been able to keep up in the graphics department, but with AMD providing its Radeon technology to MediaTek, this could change quite quickly. We won't see the fruits of this labor for quite a while yet, but the results could definitely be interesting for the entire market.