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If AMD got taken over, then they would automatically lose their x86 license, as I believe it is a condition in their cross-licensing agreement. This is why I don't expect AMD to get bought in the near future.

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That's correct yes, if AMD is bought then the cross-licensing deals terminate in both directions - i.e. Intel also lose access to the AMD patents.

It's a poison pill which means Intel themselves would be the only serious buyer.

Wouldn’t that mean Intel would really have to negotiate a new deal with whoever buys AMD since otherwise they couldn’t make any new cpus?

Technically AMD could still make ARM[1] or RISC-V based CPUs under a new owner.

[1] https://www.trustedreviews.com/news/amd-reveals-its-ready-to...

> It's a poison pill which means Intel themselves would be the only serious buyer.

Which market regulators would never allow. This is even bigger in terms of monopoly than Nvidia trying to buy arm.

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