Even if their hardware catches up with and beats that of NVidia, they will still have a huge problem with the software ecosystem.
Everyone who does anything serious with GPGPU and supercomputing is using CUDA, (a proprietary abomination) these days and AMD does not have a competitive product in that space.
That said, the software ecosystem around GPUs is an extraordinary mess, and there is therefore a huge opportunity for the company that can fix it.
Unfortunately, this is a deep cultural problem: as witnessed by the giant mess that is the Nvidia software ecosystem (nightmarish driver version management, proprietary technology, huge unwieldy binary distribution to install anytime you want to run 20 lines of GPGPU code, lack of properly working and debugging and profiling tools, etc...) companies run by EEs (such as Dr. Su) simply don't have the DNA to produce simple, clean, elegant, working software.
The kind of brain it takes to produce cutting edge silicon and the kind of brain it takes to produce cutting edge software are imo simply incompatible.