AMD already competes. The only way Nvidia can surpass them in performance is by putting so much cost into the GPU they have to charge you $1100 for one. I can surpass what a 2080TI provides you for lower cost using AMD GPUs and use the money saved for a better CPU or more RAM. You should probably stop listening to Nvidia's paid sponsors on Youtube.
I hope so. Last decade AMD's excuse was not having any money to put into R&D but they can't use that excuse anymore (current gen consoles sold like crazy + they got the rights to the next gen, all 3 ryzen generations have sold good, APU market was strong last decade as well).
They have money now so now it's time to actual go out and do something (hopefully they dont' do the usual give nvidia type performance 6-12 months late with same price)