Simple... it's undervalued. They have 5% of x86 Server market share. ARM has about a 1% chance of making any inroads into that market (companies are not going to spend millions to rewrite software to run on ARM.... sorry to say, that just is not going to happen). So if AMD can even just boost that to 15% they'll be fine. Steamroller is coming. They have more than one foundry now so better yields. Seamicro acq. will help them with microserver market.
Not saying it might not go down a bit more, and worst is to come next quarter, but long term they are going to recover and take market share from Intel.