I understand the concern here of such a possibility mate. But here's the thing. Will Nvidia actually drop the price?
Have any of us seen Nvidia drop prices by 3 figures or more? The closest we got a was a re-release of 4080 as a cheaper 4080 super that was still priced too high, but the 4080 non-super still stayed at $1.2k+... they never actually dropped. Actually through out most of the 4000 series lifetime, the GPUs barely dropped in price, even during sales. Only AMD gave deeper discounts.
If any of us had any expectation that Nvidia would drop pricing in reaction to 'nicely priced AMD GPUs', perhaps more folks would agree with your point there.
In my opinion, even if that did end up happening, many folks would remember that it was AMD who made it happen and would probably reflect in their marketshare.
And even then, the Nvidia GPUs this generation have so many issues. So a choice between Nvidia and AMD at similar pricing? I'd go AMD and so would many others.
I mean look at Ryzen. Look at how AMD turned things around there, would we have expected 10 years ago that AMD being aggressive in the CPU market by offering more for good value would end up putting them in a position where Intel is on the back foot? It's a similar situation here and now. AMD have that opportunity to make this a Ryzen-esque GPU moment.
I want the pricing to be below £600 for the 9070XT. But my expectations are low given how retailers are pricing 5000 series and how the consumers are seemingly happy to pay more.