There's some big news today from AMD as the PC and graphics chips maker announced plans to team up with the Abu Dhabi based Advanced Technology Investment Company to launch "The Foundry Company", a temporary name for a business that will be devoted to manufacturing chips for AMD. This allows AMD to spin off this business and still keep its chip design division.

AMD will own 44.4 percent of The Foundry Company when the deal officially closes. This is expected to help AMD financially as it tries to get out of a $5 billion debt load. The deal is expected to close in early 2009.