When we've looked at AMD's recent roadmap we noticed that if that document is correct, AMD would have to survive two years with the Deneb 45nm K10.5 architecture; and we are confident this won’t be the case.

According to what AMD showed to its investors, Deneb will last the whole of 2009 and 2010, while the new architecture, something we call Bulldozer, is scheduled for 2011.

We believe that there might be a 32nm K10.5 chip that should launch before Bulldozer, as it's easier to transit from an existing architecture than to make a brand new one. The earliest this chip could see the face of the day is Q4 2009 or early 2010. If this scenario is right, in 2011 AMD should be ready with the new Bulldozer architecture to fight Intel.

The only trouble is that Intel will again be at least a year ahead with its new 32nm process.