The ability for AMD to "beat" Intel's processing power is becoming a non-factor. The x86 market is going away. AMD has set it's sights higher; On a market, where their profit won't be limited by a competitors license.
The ARM market is even more competitive than the x86 market. AMD's problem isn't the competition. AMD's problem is sloth, laziness, and copy-cat syndrome. AMD is a fluke. A historical artifact from a time when PC OEMs needed a second source to keep Intel honest. It was never a real company. No OEMs ever preferred its products to Intel's. It was a necessary evil to keep Intel's pricing in check.
Because AMD was never a real company in a real market, it is being dismantled by its first real competition - ARM. ARM-based devices have destroyed the consumer PC and laptop segments. That's where 95% of AMD's CPU and APU business comes from. That is why AMD is on its way out of business.
When AMD is gone, the competition will be between Intel and ARM. The race will be to see if Intel can commoditize and dominate the mobile devices segment faster than the ARM-licensees can gain a foothold in non-mobile segments like servers and enterprise desktops and laptops where Intel owns 90+% of the market share. Intel is ahead in that race, at present. Intel has a new mobile product. None of the ARM vendors have any offerings in Intel's core segments.
We've seen Intel kill off real competitors. Not OEM puppets like AMD, but rather giants like SPARC, PA-RISC, IBM Power, etc., in the server space. Intel is a savage competitor. Freed from blood-sucking, "me-too" imitator AMD, Intel will be even more successful, IMO.