AMD typically follows the far larger Intel by six to 12 months in shipping next-generation products, so the timetable for its 32-nm chips is not out of the ordinary. What is different this time around is that the new processors will be designed, but not built, by AMD.

On March 2, AMD closes its deal with Advanced Technology Investment Co., formed by the Abu Dhabi government, to spin off the chipmaker's manufacturing operations into a joint company, temporarily called the Foundry Co. The deal is expected to move $1.1 billion in debt, most of it associated with AMD's Dresden, Germany, manufacturing operation, off of AMD's books, Meyer said. In addition, the company gets a cash infusion from its partner of about $800 million, and AMD will no longer have to spend $1 billion to $2 billion a year on capital investments in fabrication plants.