I tend to agree that there is little chance that IBM would be a white knight for AMD. The only scenerio I could see is if AMD's valuation tumbles to about $1B, and IBM wants the IP and plants. The more likely scenerio is a private equity buyout, and the entire management team (and business model) is replaced. But, I dont see this happening until the valuation is at least half of current value, and the "market" realizes that AMD's current "30% share at all costs" model is a failure.
Joey