Even though AMD has caught up with Nvidia with RDNA 2 in terms of performance, unless AMD can produce graphics cards at the massive scale required for RDNA3, I don't think Nvidia has much to worry about.
According to Steam hardware stats, There are 11 times more Nvidia RTX 3000 cards installed + using Steam, than RDNA 2 cards... RDNA 2 cards are like gold dust in 2021.
Just going to drag this comment over here.
Why do people talk about AMD wafer supply like, AMD decided how many cards to produce a week before it launched the cards?
The supply agreement was probably finalised mid 2020 (probably around May 2020). Some could argue that they were making arrangements in 2019 or earlier (it depends on the lead time for the equipment).
In May 2020, what reason did AMD have to believe that they would be selling everything they could make? All you have to do is go and look at the thread this post came from to see how people didn't even think AMD could compete with Nvidia's top end.
It is a **** situation but prior to Nvidia blowing their lead (Or AMD making huge strides you decide) there is no reason for AMD to believe they would sell a lot of cards. Therefore no reason for them to have pre arranged large manufacturing capabilities.
With RDNA 3 incoming, AMD is closer to Nvidia than they have been in years (maybe a decade), i'm certain that they are already in discussion to increase capacity for that launch. (if they are not doing that, then they either have no confidence in hanging with Nvidia or they are run by idiots.)