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[6233638]

The 390x will be available in an 8GB version too because of the stacked HBM memory.

All of the materials from SK Hynix suggests that the first generation of HBM was intended to be 4GB.
DRAM density is limited to 2Gb, stacks can be 4 chips high, and the interposer can have four stacks. (4GB)
 
Second-generation HBM should be able to go up to 32GB as the density increases from 2Gb to 8Gb, and stacks can be four or eight chips high. (16/32GB)
 
Of course it is rumored that AMD has delayed the new series so much because they are going to use a dual-link interposer in order to get 8GB on the card, since the Titan X launched with 12GB and the 980Ti will have 6GB.
If it has 4GB VRAM - even if it's HBM - it's dead in the water, in my opinion.
If it has 8GB then it should be a very nice card. I don't think 8GB is anything to be concerned about - especially when it's that fast.

[Hilton]

Im pretty confident AMD will be going with 8GB product at launch.

The new rumour is a Fiji XT "Fury" will be the flagship to compete with Titan X and Fiji Pro will also be above the 390X. The 390X will be an enhanced Hawaii rebrand of 290X that will launch with 8GB DDR5 to replace the 290X.
The 390X and 390 will be re-branded 290s with 4/8GB of standard DDR5.

They have to do something disruptive to be successful this cycle and they cant wait for 2nd Gen HBM anyway.
In the past they've also typically gone for higher VRAM before Nvidia, but they have been busy for the last 3 years re-architecting Fiji around HBM so they've fallen a little behind.

They have a 2 year lead on NVidia in HBM so it will be interesting to see how this round of GPU refreshes stack up.

Interesting times again.
 

[Hendrik]

The 390x will be available in an 8GB version too because of the stacked HBM memory.

Actually from what I read, the new AMD model will not be called 390x (the new 390 will be a re-brand, yay AMD?), but be called AMD Radeon Fury or something, and because of HBM memory, only come in 4GB, since the HBM tech isn't very mature yet to support more memory easily (yay AMD again?)
And I agree, if these rumors hold true and its truely only a 4GB card, then AMD might as well close its doors.

In any case, AMD isn't very interesting.
AMD doesn't innovate enough, they just sit on their architecture for years, slightly increasing core count and clocks. HBM is the first innovative thing they have gone with for years, and if you're being honest, NVIDIA has shown a working Pascal GPU module with HBM last year already -  of course they aren't selling that yet, because NVIDIA is smart enough to wait for HBM2.

I'm also not convinced HBM will be this big a performance factor as AMD wants you to believe.

On top of that, I despise their re-branding strategy. Every generation they only produce one new GPU at the high-end, and you have to do careful research not to buy a 5 year old chip which was re-branded 2 times into the current generation already (some 3xx cards will be 7000-series chips <.<)
NVIDIA rebrands as well of course, but usually only in the very low-end, and those cards aren't very interesting anyway.