You see, that's where you're wrong. Intel and AMD are not in the same boat at all. Intel and AMD overlap only in the tiny consumer PC and laptop segment. In all other segments, Intel has crushed AMD to powder.
Granted, the consumer segment is the one being cannibalized by Apple devices presently, and therefore represents a shrinking pie, but even so, Intel is taking ever larger portions of that shrinking pie from AMD.
Outside the consumer segment, Intel remains strong in enterprise laptops and PCs, a segment where AMD has near zero market share, and also in servers, a segment that Intel has booted AMD out of over the last three years.
Intel has cash. AMD doesn't. Intel remains extremely profitable. AMD isn't. Intel is run by geniuses. AMD is run by rejects and cast-offs.
And above all, AMD's plunge this morning deep into the 2s on it's warning demonstrates that the worst most certainly is NOT baked into AMD's share price. Unless AMD can articulate a clear, rational and plausible survival scenario on the coming CC, you will see 1s or lower.