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The short story, you can read it in this press release, is that the Wafer Purchase Agreement between AMD and Global Foundries has changed. AMD used to pay per wafer, as is the industry norm for dealing with foundries, and they still do for 45nm wafers. On 32nm wafers, AMD is now paying per good chip, something that is never done, even when things are horrifically bad. On top of that, AMD also takes a $492 million non-cash gain in Q1 relating to Global Foundries, the Chartered Semiconductor acquisition, and how that deal is structured. |