Intel released earnings last week. It beat expectations on the bottom line, but it missed big on the top line and the outlook was dismal. Looking under the covers, the company is a mess. The expected CEO announcement didn't occur. AMD's earnings are expected to be very strong, and AMD just made some organizational changes that suggest an increase in its competitive attack in view of Intel's weaknesses. I'll walk you through what is wrong with Intel — why it missed, and why its outlook is so grim.