sarinaide :
AMD have never had good management, but they had better at being top dog as the lineage of top management passed on so did the degree of ineptitude, management got worse with time and started making errors that ultimately were going to be costly.
As for the market, management embody the company and the market reflects it. As a long time AMD user (moreso CPU's) I will honestly tell you that things are going to get worse before they get better, if they have the chance to get better.
New management needs to be up to modern standard, the dog eat dog approach simply cannot sustain itself notably as AMD falls behind in the performance race, they cannot let the product do the talking.
IMO, not only management but execution as well (as clearly stated in the last 6 or 7 quarterly conference calls).
A short history review: AMD's 65nm had problems initially (IIRC there were some 90nm CPUs that outperformed the same design on 65nm). Yields and performance far under what AMD predicted - Barcelona debuted with clock speeds around 2GHz instead of the targeted 3GHz or so. IIRC AMD was already at 2.4 GHz or maybe 2.6GHz with their mature 90nm process. So IMO, this plus the cost of developing for future nodes as well as the huge losses in 2008-2009, is what made AMD spin off their fabs to ATIC in the GloFlo partnership.
Now where management made some costly mistakes was in cutting the deal sweet enough to convince the UAE company to agree to it. IIRC AMD got around $800M - even at the time, didn't seem like AMD was getting that much out of it, but they had no choice after the ATI purchase and the huge losses in the 2 years before the deal. The big benefit, according to AMD and GF, would be lower fab prices due to GF spreading the costs of those future nodes over more than one customer. But even so, those wily Arabs
😛 imposed new terms giving AMD just around 35% ownership of GF from the initial 50/50 split, even before the company took off, due to AMD's stock price taking a tumble.
And when you look at the details of the various fab deals since then, between GF and AMD, it seems clear that once ATIC & GF had AMD committed to the deal, they went for the jugular with all sorts of terms and conditions in exchange for that one-year 'good wafers' contract, and then the exclusivity waiver when it turned out GF had yield problems on 32nm.
And the kicker is, I believe GF still has only one customer for 32nm SOI - AMD. Even back in 2009, SOI wafers amounted to just 5% of the global market:
http://www.theinquirer.net/inquirer/news/1025681/why-amd-set-fabless
So the R&D plus capex savings with multiple customers never materialized. Which explains why AMD is moving to strained silicon on 22/20 nm with TSMC and GF and maybe Samsung according to the rumors.