I know how hard it is for AMD lovers to accept. I was the same. But problem is not simply that INTC has decided to gut everyone's margins with draconian price cuts. It is that INTC has decided to do that AND ramp up R&D spending to a level that exceeds the market value of others, including AMD.
AMD could meet the market's very high earnings expectations despite a price war, by turning out superior products. It cannot do so if INTC technology catches up over the next year or two. That, in a nutshell, is why the instituions are pulling out. AMD is not dead, it is just no longer deserving of its multiple.
AMD needs to buy someone and amass more resources for this very costly fight. They need to do it now.