Not to me.  Let me put it succinctly (most of these points have been
true for months, and the Phenom launch only clarifies their
unfortunate situation further):

AMD has over $5 billion dollars in debt, has reported very significant
losses for the last 3 consecutive quarters, has insufficient cash on
hand to fund operations until their next product release cycle
(Fusion), loses money every time they sell a CPU, current product
lineup is already very late for delivery, is currently experiencing
serious supply & yield issues for a launched product (Barcelona),
historically has an oversupply of parts in Q1, has maybe 5 weeks to
turn it all around, and as recent product reviews have shown, can't
compete with Intel in terms of performance or power consumption (they
are also choosing not to compete in terms of price - per the Phenom
launch).  In addition, senior executives have recently jumped ship in
the same time frame as the Barcelona product launch, which I read as a
measure of the internal confidence level they have in their latest
product.

Unless something drastically changes very soon, they're headed for
bankruptcy.