Don't worry. They don't have to play catch-up with their pricing.
If AMD aims to have a Maxwell moment, as AlienALX put it, they're gonna have to offer much more aggressive price points. Which I doubt will happen. Don't forget how relatively cheap the GTX 970 and the GTX 980 were.
Believe it or not dude a lot of the pricing at retail comes down to what they cost to make.
I know we all have these grandiose ideas about what GPUs
should cost but the fact is that costs have gone up to make them, whether we like it or not.
Many said that Turing was totally taking the pee. And compared to Pascal? it was. However, what people failed to realise was the core size increased massively. And RT has added all sorts of complexion that again, leads to the dies needing to be huge.
That's the path Nvidia have taken, whether we like it or not. And they have to sell for a profit, which in their case is 60%. That won't change.
Remember, these price cuts you are seeing at the moment on all GPUs is not Nvidia. It is the board partners who bought the kits from Nvidia (die and VRAM) and are trying to clear their stocks. So it is them that is losing.
From what I understand Navi III is going to be cheaper to make. At the end of the day the smaller the die? the cheaper it is to produce. Both in terms of materials used and success VS failure rates. The more you get out of a wafer? the cheaper you can sell them. When you are relying on large monolithic dies? if one fails you lose a much larger chunk.
That is why historically on AMD's cheaper GPUs they were cut in a diamond shape. This is for cost reasons. You get more out of a circle wafer, with less of those cores going off the edge and into oblivion (wasted sand basically).
I think the "Maxwell moment" has a lot more meaning to it than just a huge performance uptick. I think it means AMD are able to make high clocking small dies that perform their balls off. That means they can sell them cheap, and Nvidia with their RT dreams will struggle to match their prices.
All remains to be seen of course, but if you don't give a stuff about RT because there's hardly anything to give a stuff for? then it could work out very lucrative for AMD.