It's so weird it's taking them so long, because as far as anyone can tell AMD is mostly competent enough to make GPUs within some percentage points of Nvidia, the "breadth of complexity" in what these things do at the end of the day is ... rather underwhelming, the software stack may appear to be changing all the time but is also distinctly JavaScript-frotend-esque... is there an insider that knows what the holdup is? Is AMD just averse to making a ton of money?
At this point AMD investors should be rebelling, it's pissing money out there but they are not getting wet, and management might have doubled the stock price but that's little consolation if "order of magnitude" is what could have been.
Looking at the chart for $AMD over the past 5 years gives plenty od reasons to be happy, and no reason to rebel. A rational AMD investor should not be Jonesing Nvidia's catching lightning in a bottle via crypto + AI. The Transformers paper was published a few months before AMD released Zen 1 chips - they did not have a lot of money for GPU R&D then.
The timing of the LLM-craze was very fortuitous for Nvidia.
AMD pays very little to its SWEngs (principal engineer in SFBA for ~200k), so they can't attract top end people in SW to implement what they need. Semi companies are used to pay HW engineers peanuts and that doesn't work in SW.
At this point AMD investors should be rebelling, it's pissing money out there but they are not getting wet, and management might have doubled the stock price but that's little consolation if "order of magnitude" is what could have been.