It might give AMD a few more years but I believe the game is over.
The game was over in 2007, when AMD failed to capitalize on the lead they had created with Opteron*. The game was blindingly obviously over in 2009 when they spun off their fabs. It just takes a long time to run out the clock.
-=spaark=-
*It wasn't so much that they failed to build on their success, more like Intel stopped failing when Core was introduced. That meant that AMD missteps started to matter again, and it was all downhill from there.