Single thread performance will be AMD's biggest worry. They've used up Jim Keller's work, so may not be able to increase IPC greatly going forward.
At stock, rocket lake (11900k) has higher single core performance out of the box than a 5950x has. Alder Lake looks to increase this by 15-20%. Then next year we have Raptor Lake, with further IPC increases, which will compete with Zen3 refresh. At this point, it may be Meteor Lake that finally competes with Zen4 and AMD's first DDR5 platform.
That said, I do hope AMD can keep executing as we could have a few really exciting years with big increases in performance from both vendors then