I also disagree with David that there is too much competition in the ARM market. That market is rapidly expanding. At least for the next few years, the phrase "A rising tide lifts all boats" applies.

The risk in that market is that the parts are much lower margin. Nonetheless, I think that AMD has the design chops to make a very competitive part, and it will be a market where, at least for a little while, they won't be overshadowed and out-processed by Intel.

Regrettably, AMD could have been a contendah if their CPU core design had been a performer. (When will these companies learn that long pipe, high frequency hot rod designs are more hot than rod? AMD made a killing off the Pentium 4!) They were strategically the best placed among Intel / AMD / NVidia to capture the portable market. I don't think another opportunity like that is going to come for a while.