Steph Curry and co. have clearly felt the absence of Kevin Durant and Klay Thompson through 2 games ... losing to the Clippers and Thunder by a combines 47 points.

In fact, Draymond Green summed up his evaluation of the team after Sunday night's loss, saying "we f**king suck right now."

But, Davis -- who played for the Dubs from 2004-2008 -- says all talk of a dethroning is premature.

"I wouldn't count them out ... it's too early," Davis told us at Petite Taqueria in West Hollywood.

"Always judge a team after the first 20 games. After 20 games, you'll know where everybody stand and where they going."

FYI -- the team's biggest free agency acquisition, D'Angelo Russell, had just 6 points in the Warriors' loss to Oklahoma City after getting ejected in the 3rd quarter.

Head coach Steve Kerr has also said there's a chance Klay doesn't come back from his ACL injury this season ... so things aren't looking great at the moment.