On the GPU front the competition seems superior

The problem for Nvidia could end up to be that that will not continue to be enough, AMD has ensured another generation on consoles with both Microsoft and Sony, and AMD will have Vega based APUs out by the end of the year. This will shift market dominance towards AMD and slowly ensure better optimizations for AMD than Nvidia. This is already beginning to happen due to PS4 and Xbox One.

AMD has frequently beaten Nvidia on performance, but has lost on market support for Radeon and on inferior drivers and features. Now AMD matches Nvidia on drivers and features, Freesync is becoming an accepted industry standard, and Nvidia backpedaling on that will be a huge loss of prestige, both towards customers and vendors that supported Gsync.

Vega may not beat Volta outright, but Volta is huge, and it will be much more expensive to make than Vega, and AMD can easily stitch 2 Vega together with infinity fabric.

I agree that the Dell Threadripper deal seems weird and is kind of a bummer, IDK if AMD or GloFo lack resources to ramp it up properly, or if Dell for some reason offered an exorbitant amount for the exclusive, but the latter doesn't make much sense IMO, and AMD will only piss off other partners. My guess is that it somehow ensured AMD some money in the bank, and they need that for overall ramping up of Ryzen and Epyc and Threadripper too. Ramping up cost money and requires liquid funds, if AMD is stretching it with everything they have, I suppose that's a good thing.