The chipmaker on Thursday sketched out its strategy for the PC and cell phone markets for the next two years at its annual analysts' meeting and disclosed its plans for another multibillion-dollar chip fabrication facility, or fab.

AMD could once again return to profitability in the fourth quarter, depending on what happens with flash memory, said company CEO Hector Ruiz. The company hasn't reported a quarterly profit since the second quarter of 2001.

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