AMD always having the process advantage over Intel and Nvidia but still ending up as the underdog is puzzling.

AMD Zen 2 on 7nm should've destroyed Comet lake on 14nm but it didn't. Rocket Lake faired a lot worse against Zen 3 but it was an iffy 10nm to 14nm port job.

AMD Navi GPUs on 7nm somehow were less efficient than Nvidia's Turing on 12nm(16nm+) while also not having ray tracing or tensor cores. Nvidia were left cocky enough to go for Samsung's discount 8nm the gen after instead of attaining process parity.

It's going to get worse because the gains from each succeeding node diminishes so AMD can no longer count on the gains to make them competitive.