If they wanted to prioritize this, they would. They're simply not taking it seriously.
However the amount of resources at stake is incredible. The delta between NVIDIA's value and AMD's is bigger than the annual GDP of Spain. Even if they needed to hire a few thousand engineers at a few million in comp each, it'd still be a good investment.
I tend to think that AMD looks well run when compared with Intel [1], but when you consider Nvidia as the relevant counterfactual [2], things don't look so good.
I wrote about this here [3].
[0] https://news.ycombinator.com/item?id=40697341
[1] https://news.ycombinator.com/item?id=41446766
[2] https://news.ycombinator.com/item?id=39344815
[3] https://setharielgreen.com/blog/amd-also-seems-to-be-flounde...
Agree with your last statement, though. For-hire CEOs--as opposed to founder-CEOs, who often have an actual vision--take way more credit for their "work" than they deserve.
Also rofl at that "axe to grind". That one took me offline for a few seconds.