Things do not look good for AMD in the discrete graphics space. It lost the X86 CPU space by falling too far behind, and it is now about to lose the graphics war for good if it does not continue to innovate where it counts by developing products that carry high margins and sell well. Shifting focus to ARM-servers with SeaMicro fabric all sound great... until you realize that this will likely be a super cutthroat, low-margin business that will be swallowed whole with Intel's upcoming "Avoton" server SoC. Built with Intels' very own, license-fee-free, 22nm cores.
if you really think about the structure of an ARM chip business, so distributed that it has built in inefficiencies and costs that make competition with a dedicated vertically integrated Intel impossible. Intel's achilles heal we have seen...not making a decision to get into a game early enough..but once they are in they win because of the innate structure of the business. They are alos really really good at what they do. There are no new chip players like never before.