I thought this was interesting, but at this point I’d say its not more than rumors. From Dow Jones MarketWatch
Shares of Advanced Micro Devices Inc. rose more than 10% Wednesday on speculation that the chipmaker may form a deeper partnership with International Business Machines Corp.
…Analyst Krishna Shankar of JMP Securities said in a research note that the stock was “reacting positively to industry speculation regarding a more formal partnership between AMD and IBM, which may involve a strategic equity infusion or even an outright merger between AMD and IBM Microelectronics.”
IBM and AMD have relationships on chip development going all the way back to 2002 when they teamed up on new 65 and 45nm processes. That relationship was renewed in 2004 through at least 2008.