Looking at the advantages, the 7800xt has:
-
10% lower price
-
4 more gigs of vram
-
6% better raster performance.
The 4070 has:
-
Better frame gen
-
Better upscaling via dlss
-
Better drivers
-
Better rt performance
-
CUDA for the few people that actually need it.
-
Better power efficiency.
-
The ability to use both dlss and fsr. If a game just has dlss, amd users are screwed.
All in all I think the AMD card is still the underdog based in advantages and needs to be at least 15% cheaper in order to sway buyers to team red. For just a $50 price difference, the team green advantages are too stacked imo.
Edit: this is of course in the US market. Every market is different.
7 is by far the biggest advantage. If a game has no fsr but has dlss, amd is screwed. If a game has no dlss and only has fsr, Nvidia is fine. That versatility alone is huge with how mandatory upscaling is these days.