Folk were saying the same thing about AMD and there CPUs not long ago, things can change very quickly..
AMD have had a pretty miserable time of it lately from more than one angle - I don't see their position as one that can't be recovered from.
During the financial concerns back in 2013? or whenever it was their investors, etc. were saying they'd pull the plug rather than incur any additional risk to themselves and talk of divesting of RTG to help prop up the rest of the company and all the knock on of that which probably resulted in reduced investment in that side of the company. Which is no longer an issue really.
They've had less than ideal circumstances with regard to the node their GPUs are made on and HBM/HBM2 progress/development amongst other things related to hardware and software.
And then there is the mentality - too much persevering in the face of all the evidence along certain paths.
Move past those and there is no reason AMD can't return to a successful position in this market.