I am bullish on AMD because the affiliate work they're doing with IBM in Fishkill, New York (working side by side) gives me a lot of confidence that they are getting aggressive about R&D,
and they also are going to be rolling out their 45nm mobile processors very soon, which will help their margins and market share (as laptops are a faster growing segment of the pc market),
and AMD is going to 'franchise' prefab work, which will help them aggressively cut costs, at a time when Intel has laid out some very expensive manufacturing facility money in Ireland and China.