Radeon 5700, Nav10 251 mm²
RTX 2070 445 mm²
Well, according to this size does matter. As both have the same ALUs, 2304.
I'm looking at scaling/performance forecasting though.
Gist: Nvidia started big while Navi is smaller. As AMD increase die size of Navi the potential is there (based on Uarch advances) to eclipse Nvidia at a smaller/similar area real estate (IE: how many gpus per wafer, performance, etc).
I'm interested in seeing were it stands with whatever Ampere is (rumored: 700 mm²). Will it win if that's true? Who knows... But, if it come close or tie it will do so 195mm2 smaller. And price/cost would be the advantage of having a smaller die in that regard.
AMD can simply afford to charge a lower price and still profit. While Nvidia would throw another higher tiered sku as a replacement for whatever AMD beat in order to compete at price reduction. Which is only killing their own strategies and profit. IE: They could have sold both a 2070 and 2070S at a much higher price. However, do to 5700 series the 2070S is now at the same price as the 2070 (just going on Nvidia's price not AIBs). Ouch!!!!
However, again, manufacturing would be AMD's advantage, something I mentioned earlier. Mindshare is no longer an issue with game developers nor gamers do to consoles and Ryzen.
Some see it that AMD would need a die just as big (better Uarch) in order to compete. However, based on current trends and Uarch advancements if that were the case it's likely AMD performance would far exceed them. Be that as it may things are about to get very interesting.