You are mistaken. Have a read of some work on IPC, clock speed and a comparison between AMD and Intel.
IPC is instructions per clock, Hyperthreading merely allows for threads to use idle and wait cycles.
Single core, single thread, Intel is very significantly better.
Quoted from elsewhere
AMD chips are built on an old CPU architecture, and therefore their chips suffer in the IPC department, with many of their chips having 50-60% less IPC than modern Intel chips. This means that if you have two single core chips (for simplicity's sake) and the Intel is clocked at 3 GHz, the AMD chip will have to run between 6 GHz and 6.5 GHz to compete with the Intel chip for performance.
Additionally, newer CPU's from both companies will have more IPC than chips in the previous generation. Skylake is about an 8%-10% improvement over Haswell in the IPC department, meaning that a Haswell chip clocked at 3.3GHz is about the same performance as a Skylake chip clocked at 3.0 GHz.
This problem is further compounded by AMD's preference for more cores, over faster individual cores. Coding programs to be multi-threaded (use multiple CPU cores at the same time) is difficult, time-consuming, and expensive for a game company. Therefore, it is often easier and more profitable to not code games to utilize more than 2-4 cores, especially since most CPU's only HAVE 2-4 cores. This further hurts AMD chips like the FX-8350, which has 8 cores.
A little math behind the 8350 vs 4690K. For simplicity's sake, let's say the FX 8350 has 50% the IPC of the 4690K. (I think its actually closer to 60, but the math is way easier with 50%) Clocked at 4GHz, with 8 cores, the total processing power of the chip is an arbitrary value 32 (this is a made up number, and means nothing to real world performance). However, it has 50% the IPC of the Intel chip, so that arbitrary number becomes 16. For the 4690K, each core is clocked at 3.5 GHz, meaning that the arbitray number for the 4690K is 14. However, the 8350 will ONLY outperform the Intel when all 8 of the 8350's cores are being utilized at 100%. Therefore, for a machine that exclusively uses heavily multi-threaded applications, the 8350 will come out on top.
However, most games only use 2-4 cores. Lets do the same comparison, except only letting the 8350 use 4 cores. 4GHz * 4 cores * 50% IPC = 8, while the 4690K still has the same score of 14.
https://www.reddit.com/r/buildapc/comments/3zxj5z/discussion_amd_vs_intel_a_more_indepth_look_at/