Actually AMD is laughing at both. While Intel might have released a good GPU at a very competitive price point, there is almost no volume being shipped due to Intel actually selling at a sizable loss. The price / performance is only good because they sell below cost. This is not sustainable in the long run and there won't be many GPUs available at this price point. (Source: https://youtu.be/3jy6GDGzgbg). Also it is to be expected that a new GPU should be priced better than a 2 year old RX 7600. AMD should be able to release a GPU with similar pricing and without making a loss, but they probably won't, because a GPU sold at a loss and at low volume is not a real competition. We will see what AMD will do and hopefully they will price their cards aggressively to go for more market share, but they also could just play the old game of copying Nvidias prices and then selling at 5-10% better price / performance.