ARS Technica has some information about AMD's "asset light" strategy:
By purchasing ATI, AMD has taken an interest in multiple new product markets, which also partly explains Sunnyvale's increased interest in the low-wattage embedded market. Asset Light is the term AMD is using to refer to the ongoing incorporation of AMD and ATI interests and resources, the optimization of those resources, and the utilization of existing assets to their fullest extent. One rumor AMD firmly denied yet again is that the manufacturer has no plans to move towards a fabless manufacturing model.
AMD then took time to highlight the specific ventures its undertaking with partners such as IBM, Chartered, and TSMC, as well as detailing the current performance of Fab 30 and Fab 36. Chartered is currently used for some of AMD's 90nm production and will transition to 65nm in the second half of 2007 while TSMC is producing AMD's graphics, chipset, and SoC initiatives. TSMC yields are apparently quite good, and the company plans to extend 65nm production in 2007 with additional plans to move to a "half node" 55nm production in the fourth quarter of 2007. AMD did not specifically state which products would be produced on 55nm, however.