I think AMD will fail in the short term at least, as it has simply not been aggressive enough against Intel. They had the head start on Intel for years, but as usual for AMD, they blew it buy raising their prices when they should have stayed the same to build their user base, and make cash, now their CPU's are very over priced compared to Intel's latest. AMD's situation is now that Zen4 is not going to offer enough against what Intel has coming next. Zen5 needs to be seriously good, as it will be critical for AMD in the long term.
AMD's next mistake was to not offer DDR4 support to Zen4, this will prove costly to AMD, as Intel sells many DDR4 motherboards. I, personally will not "upgrade" to DDR5 until it costs half as much as it does now, and offers a tangible performance increase, which it does not currently, and probably won't for the next 18 months.
As AMD chose not to offer DDR4 support on AM5, they should have refreshed and simplified the 5000 desktop series, such as a low-end 8 core, a mid-range 8 core CPU with 3D Cache, and a high end 16 core CPU with 3D cache, and reduced the price slightly of the low and mid-range SKUs, then they would have had a good platform to see out DDR4 that would have died naturally in a couple of years as DDR5 gets better and cheaper.
I think AMD were shell-shocked by Intel's new µarch, and simply do not have a direct answer to it. I think Zen4 is going to be a challenge to sell in high quantities, as you can build a performance equivalent Intel system using DDR4, saving considerable money compared to shelling out for a likely more expensive AM5 motherboard with high end DDR5.
But I guess time will tell. I want AMD to succeed, but they lack the killer instinct against a deadly opponent that will not hesitate to cheat and destroy to get what they want.