- Its NV's market to lose, quite honestly. They're in kind of an awkward position (from a hobbyist perspective) since if they win its what everyone expected because its what they've done for every launch since 7xxx Ghz editions, while if they lose it will be a shocking upset for the same reason.
RDNA 2 competing across the stack in raster performance while also brining RT performance to the table is already a massive feat that I don't think most folks really expected (a lot of "AMD will be competing with the 3070" posts pre-launch).
AMD weirdly had the benefit of basically 0 expectations after the Vega/Polaris debacle, although folks are certainly more expectant of RDNA3 than either of the prior archs.
Yeah, being the market leader, it's always been Nvidia's market to lose. I don't think a competitor has ever been this close to Nvidia in terms of overall performance, perf/W, and feature set in a LONG time. AMD was already on-par with Nvidia in raster performance with RDNA 2, and they are expected to make another step-function jump up in raster and RT performance with RDNA 3. Even if Lovelace beats RDNA 3 in RT (even if it were say 30-50% faster), I feel like we're still in that awkward transition phase where RT is getting better every year but there's still no real game that leverages RT in a way that makes the game unplayable or not enjoyable if RT wasn't enabled. In other words, RT is still taking a back seat to rasterization in modern games; it is only used to enhance certain visual effects but as a whole it isn't a "requirement". Going back to feature set, FSR 2.0 is going to come out later this year, and if all reports are true, AMD is really trying to button it up so that RDNA 3 hits it out of the park without controversy or trouble. Lastly, if AMD is already gunning at Nvidia's top end, Intel will come in and hit Nvidia's bottom end when Arc launches later this year. Rumors are saying that Intel is willing to make less profit per card just to get a foothold into the discrete GPU market, and they plan on launching ASAP to wring out the customer's wallet before AMD or Nvidia can properly launch their next-gen cards. Nvidia is being squeezed in the mobile/laptop space as well for the aforementioned reasons. Being that they don't design CPUs, once AMD and Intel get a competitive laptop GPU in both performance and feature set, Intel and AMD will simply just bundle their CPU+GPU together and push Nvidia out.
If you've been following Nvidia's business moves in the last few months, you'll notice that Nvidia has been buying a bunch of smaller companies to flesh out their HPC/enterprise software stack. I think Nvidia knows that their core markets will be more competitive than ever before, and in response they have to diversify and expand their other markets to compensate.