The company establishes the scheme it uses for naming them. In this case, the first two digits are the Generation (higher = newer usually) and the last two digits are the Performance Tier (50 is lower than 60, which is worse than 70, 80, 90). Nvidia also uses Ti, which means it’s a bit better than the corresponding base version, but not better than the next Performance Tier.
AMD only has the first digit marking the Generation (5xxx or 6xxx), and the following 3 for the Performance Tier.
With different Generations the overall Performance is improved, so the RX 5700 XT has about the same level as the RX 6600 XT (higher Performance Tier but older Generation vs lower Performance Tier with newer Generation)
Same with the RTX 3070 and RTX 2080 Ti
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