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Soleron said:

http://anandtech.com/show/7991/amd-is-also-working-on-a-new-64bit-x86-core

They're also making a custom ARM core with it. There's few specifics as of yet, but they intend to target future consoles (what they call "semi-custom"). A great deal of AMD's revenue currently comes from the PS4 and Xbox One so it makes sense that they'd design it towards that.

This is a big deal because it was uncertain if AMD would continue to make chips for desktops/servers at all. They haven't announced new designs in these areas for a few years.

This is great news for the PC market if the new product can be competitive. They will however need to make up a 40%+ deficit in single thread performance against Intel, and they will only have access to very much inferior process tech to do it (Samsung 22nm BEOL+14nm FEOL hybrid vs true Intel 14nm).

I am so excited!  Hopefully CPU's can become at least half as competitive as the GPU wars are (Where they basically just one up each other back and forth).