Their PR ... unless it's just noise maybe you can learn from it. If it's stories on TC/HN/etc then it's probably just noise, they'll get traffic and not much else from it unless you're particularly aligned with those audiences.
Your biggest risk is failing to execute. Both you and your competitor have a thousand ways to screw up long before you have to worry about the impact of competition with each other.
It's like obsessing over the danger of shark attacks while failing to wear your seatbelt. Deal with the risks that are orders of magnitude more important.
You don't even know if they're going to pivot in response to some other real or imagined competitive threat or opportunity.