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After rumors swirled that AMD would cut 30 percent of its global staff, the chipmaker only cut 15 percent in total. The firm warned after its third quarter earnings that it was in for a rough time, and come the fourth quarter, it was clear that the Intel-rival was sinking and rapidly.
Weeks later, AMD is trying to claw back its cash position by selling one of its campuses in Texas with the aim of leasing it back at a fraction of the cost. With declining cash reserves, mounting debt and negative cash flows from operations from the last two quarters, most of the company's decline can be attributed to the poor PC market. Arch rival Intel is also struggling, so it's not just AMD in the thick of it.