AMD informed the world that they will be making a significant corporate announcement today at 8am EDT. The WSJ already has the details on what AMD is planning to say. Update: AMD Foundry announcement official.
AMD is getting rid of their manufacturing operations to cut cost. Manufacturing will be rolled into a new joint Venture dubbed Foundry Co. with a cash infusion of $6 billion from an investment company based in Abu Dhabi.

Foundry Co. would be making chips for AMD, but also other companies.
This is a major step for AMD and will make them a fabless chip maker like most of the industry. Intel has won the war. I am not convinced that AMD will get more competitive through this move, at least not initially. Such major changes will take time to adapt to.
More details on the WSJ. See also the AMD announcement.