I was quite surprised to find at least one of the the top500 is based on AMD gpus, it seems to me not bringing that to the consumer market was a conscious choice made some time ago.
They're far behind Nvidia in gaming, to they try to compete on price to get market share back.
Eg the 7900 XTX competes with the 4090 in rastering but is between 30 and 50% cheaper, 7900 XT / 4080, 7800 XT / 4070 are all winning by decent amount in pricing. Frankly this focus has allowed them to catch back in a field they've behind for more than a decade now.
The rise of RT and other compute tools in gaming (DLSS and co) is hurting this strategy, but their APU being on PS5 AND Xbox Series keep them in the race, game engines and game developpers need to make it work on AMD tech.
With Nvidia pricing and memory choice this generation, it's the first time in a while that bying an AMD card for gaming is the better choice at almost every price point (unless you can afford the 4090).