Of what future? Of desktop PCs?
Perhaps. But as a whole, ARM is now a decent competitor in the processor market, enough to make Intel start devoting money to beat them. AMD doesn't have anything fit for that field. And perhaps you might say, "but what about graphics?". Well, in that field in regards to mobile electronics, it's really NVIDIA vs. PowerVR. And there as well, AMD has no product in that field.
In other words, AMD is falling behind. They're not pushing products out that can compete. I mean sure, it's sad that everyone's favorite brand back in 2000-2005 may not have much life left (and Intel was playing dirty anyway back then), but they need to start moving in areas that are getting headway. I mean, look at NVIDIA, all they do is GPUs, but they still have a future because they were jumping on the ball at any market that looked like it was growing. They were basically the first to make the budget video cards (GeForce 2 MX), the first to push modern GPGPU programming with CUDA, the first dedicated GPGPU with Tesla, one of the first "dedicated" GPUs for mobile devices (PowerVR 5 was out a few years earlier)... Where was AMD in all this?
But in any case, there will always be the need for the power of a desktop style computer or similar. This is something that will go kicking and screaming into the night if you try to kill it. But it's just the sad fact that AMD hasn't been investing money and resources into things that could make money for them. As one of the project engineers at work said, yes you should always go for the big contracts, but you should also support the little ones, because that's where you'll be getting a lot of your money from.