I think its obvious they are on a path the beating Nvidia up. Assuming they don't screw something up... OR Nvidia manages a switch to chiplets themselves. Reports are their next gen will be monolithic as well.
AMD has reduced their development costs by a magnitude, not just production costs. Not only are these cheaper to fab... it will be much much cheaper to design new generations. Reusing the 6nm bits for 2-3 generations is viable. They did it with Zen. They only really need a full redesign every couple gens. They could get even more savings fabbing the older process bits all at once, ordering chips for 2 generations of GPUs and just warehousing them for a year.
I am really thinking this time we are going to see little bigger 7950xt. They can do a lot with the refresh. The rumors of higher core count navi might be bigger chip. I mean GCD is only 300mm so so much to work with there. They can have a big refresh even before RDNA 4.