If the rumors are true, this generation will be a hard time for Nvidia: Production costs for them are 50% up from Ampere for Lovelace, while AMD only has slightly higher costs, mostly for the added RAM chips (going from 256 bit bus to 384 bit bus).
So if AMD can price their 7800 XT at $699 to $799, well below the 4080 12GB easily outperforming it, while still making a nice profit. This would eat up a lot of the low to midrange market from Nvidia, which is probably where the bulk of sales for both companies are.