There hasn't really been any significant money in competing with cuda however. Nvidia had a bit of a gaming premium over amd, and crypto really boosted all GPUs...but until about 3 years ago, there wasn't literally trillions of dollars on the line to replace cuda. There is now. Companies ARE replicating it. The Mi300 is very competitive on token throughput as far as I'm aware.

No one is sitting around. I'd argue if there was more wafer supply you'd see amd/others undercutting nvidia...but it's hard to when supply is incredibly constrained.