AMD along with Abu Dhabi, has created a joint venture known as "The Foundry Company." This will leave AMD as a design house and will give the newly found company AMD's manufacturing assets - including the Fabs in Germany. Time will tell how this works out. AMD's stock opened $1/share higher today than it closed yesterday.
The new company is planning to launch early next year with 3,000 employees worldwide. The new company is a foundry and appears to be willing to work with more than just Advanced Micro Devices. Additionally, AMD still plans to break ground in New York for Fab 4x.