If you like the blurry look of DLSS, go with Nvidia. If you're waiting on the release of AMD's answer to DLSS (DirectML), no one has a definite answer when it will be released. If it functions anything like DLSS, expect just a blurry aftereffect. Only real difference is that AMD is working with Microsoft with DirectML, so who knows what kind of outcome we can expect.
If you want a GPU that can handle ray tracing - wait 2 or 3 generations from now before making that one of your buying decisions. Nvidia's current 3080/3090 does handle ray tracing better than AMD's offerings, but it's still a giant hit to performance (and Nvidia has "special" RT cores for this chore). While the RTX cards do handle ray tracing better, the performance hit is still massive and without the blurriness of DLSS added to the use of ray tracing from Nvidia to make it a viable method, the whole use of ray tracing is kind of a moot point right now.
As it stands ray tracing is in the infancy stage and shouldn't be part of your decision making process, neither team can deliver a solid performance here. I'd say at least 2 (maybe 3) generations will have to come and pass before ray tracing is viable...and by then, perhaps Intel will have a solid foothold in the discrete GPU sector.
Your only real concern here is if you're able to get your hands on any of these new GPUs. The way Nvidia and AIB partners have been selling them off like hotcakes to miners/scalpers and allowing so few to hit retailers, you're basically screwed. You either have to be extremely lucky to find one selling at retailer (online or brick & mortar), pay scalper prices or know someone that has an in at a retailer that can hold one for you. As for AMD - they seem so stretched out across so many aspects of devices needing their CPU/GPUs that their cards are even harder to come across....then again, they could be doing the exact same thing as Nvidia and selling them to miners/scalpers and only releasing very tiny batches to the public.
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