Summary
Advanced Micro Devices, Inc. (AMD) disclosed in this 8-K filing that it received correspondence from Intel Corporation alleging a material breach of their 2001 Patent Cross License Agreement. Intel claims AMD's creation of the GLOBALFOUNDRIES joint venture violates the agreement and threatened to terminate AMD's rights under the license within 60 days if the alleged breach is not rectified. AMD strongly contests Intel's claims, asserting that it has not breached the agreement and that Intel has no grounds for termination. The company has initiated the dispute resolution process outlined in the Cross License and believes Intel's purported termination itself constitutes a material breach by Intel.
Key Highlights
- 1Intel alleges AMD breached the 2001 Patent Cross License Agreement.
- 2The alleged breach is tied to the creation of AMD's GLOBALFOUNDRIES joint venture.
- 3Intel has threatened to terminate AMD's rights and licenses under the agreement within 60 days.
- 4AMD disputes Intel's claims, stating it has not breached the agreement.
- 5AMD has initiated the dispute resolution process stipulated in the Cross License.
- 6AMD believes Intel's attempt to terminate the agreement is itself a material breach by Intel.