They are definitely a potential opportunity. To my understanding, many analysts are disturbed by falling gross margin, because in the Intel space high gross margin is important. But, according to some articles I've read, lower gross margin is a natural part of the semi-custom sort of work the company is doing now, like the Xbox & Playstation chips.

An article that explains the shift:

http://www.fool.com/investing/general/2013/12/30/can-amds-se... ("Semi-custom could be the answer")

So, depending on what you believe, the future of the stock could be rather undervalued.