Doing more things isn't necessarily a good thing, doing the right things is.
AMD has a ruthless focus on a couple of markets, a competitive product and clear leadship.
That makes them a threat whatever the headcount.
If EPYC starts gaining ground in the high margin/high volume server market then Intel has to double down and they might, the Core architecture was a response to the AMD64 and a good one.
They aren't out the fight but they are taking a few hits at the moment .