How AMD Got Richer by Letting Intel Stay on Top

In 2006, AMD did something that looked, at the time, like a bold move toward dominance. It acquired graphics company ATI for $5.4 billion, positioning itself as a full-stack semiconductor company that could challenge Intel across processors, graphics, and integrated chips. The deal nearly killed it. AMD spent the next several years digesting a debt load it couldn't afford while Intel widened its…