AMD has long been an also run for INTC, with INTC dominating the market with better products. AMD compete with slightly better price, and INTC let AMD stay there as a small competitor, and to avoid the look of a monopoly.
That all changed recently with AMD came up with faster and more superior chips (Ryzen, then now EPYC) which INTC cannot match and are at least a year behind if they can come up with a competition. If AMD, which currently has less than 10% of the market share, takes another 10% away from INTC, it will be a big boost to AMD shares.
I also wonder if their GPU (used to be ATI then become Radeon) come up with a big improvement and can rival NVDA, it will complete change AMD's fortune. But that is at least 2 years away.
Lisa Su has completely transformed AMD since taking over the helm a few years ago.