Associate
Well,if AMD can make a decent range of GPUs upto the £500 mark,and together with Zen3,for a lot of entry level and mainstream gamers,it would be a good match.
The HD4000 and HD5000 series couldn't beat Nvidia,but ATI/AMD had much higher GPU sales share than today despite this.
Edit!!
Nvidia will win,as they will just make the biggest,meanest chip they can get away with. A 500MM2 chip is positively midrange by what Nvidia can make!!
You forgot to mention most expensive too. Everything so far points to the Ampere gaming cards being complex, with extreme power and cooling requirements, all of which costs money.
I know Nvidia won't be picking up the bill for all this additional cost, there's no chance of them cutting their margins, therefore us poor suckers will be left to carry the can in higher prices.