It looks like the two companies have similar models,
With Intel spending about $26/CPU unit on R&D while AMD is spending about ... $26/CPU. With lower ASP this is a more significant number for AMD than it is for Intel. With the much smaller scale for AMD, this leaves them with a third the money to spend on R&D that Intel has. No amount of coalition building or money borrowing/investing is going to solve this problem for AMD.
Note that Intel derives about 66% of revenue from CPU units while AMD is not clear since chipset and CPU are mixed... but it is less than 75%, and I suspect close to the Intel number of 66%. Revenue per CPU unit for AMD is about $92, while for INTC it is closer to $171/CPU... making the AMD R&D number less sustainable, let alone growable (is that a word?) than the INTC number.
--Alan
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