Meteoric rise ?!
SeaMicro was in trouble. They had a hard time selling their boxes for $250K a pop. No IT manager wants to make such a large commitment in one shot - they are used to an incremental scaleable approach. This is a good outcome for them, the alternative was a fire sale.
AMD did acquire them for their technology which is interesting - however this only works in the scale-out big-data space which is small considering the rest of the market where Intel servers play. AMD might recover their investment in this acquisition but this hardly helps them compete against Intel in the other segments.
Sounds to me more a story for Rory Read and Lisa Su to show their board that they are doing something.