They're beating AMD at ray tracing, upsampling (DLSS vs FSR), VR, and especially streaming (NVENC). For the latter look at the newly announced beta partnership with Twitch and OBS which will bring higher quality transcoding and easier setup only for Nvidia for now and soon AV1 encoding only for Nvidia (at first anyway).
The raw performance is mostly there for AMD with the exception of RT, and FSR has gotten better. But Nvidia is doing Nvidia shit and using the software ecosystem to entrench themselves despite the insane pricing.