Buying AMD to get rid of their only remaining x86 competitor would be worth a very high premium. I don't get what that licensing deal, with a manufacturer that is only allowed to sell in China, has to do with it.
Micron is in this situation now. It is under threat from UMC, which got ahold of tech by way of MMT joint venture. There are three mainland competitors as well with local government sponsorship. Just project this on CPU market.