That depends on what you mean, but here are a few reasonable explanations:

• Intel's chips are still on their Intel 7 process (similar to TSMC's 7nm process), whereas AMD is using TSMC's 4nm process, so AMD's CPUs are 2 nodes ahead; smaller process generally means more transistors in the same area, as well as lower power usage per clock
• AMD's chiplet architecture makes it easier for them to move the CPU bits to a smaller arch, and the IO bits can stay on a cheaper arch (e.g. AMD uses 4nm for the cores, 6nm for the IO die); this increases yields and dramatically reduces costs, so AMD can invest more in architectural improvements
• ARM prioritizes battery life over performance, so performance per watt won't be great at the high end, but it'll probably win at the low end; they also don't make their own chips (just designs), so comparing process nodes is meaningless
• AMD focuses on different aspects of computing than either Intel or ARM, so perhaps they've just done a better job optimizing for what you care about

Anyway, that's my take.