Congratulations to

Advanced Micro Devices

(AMD) - Get Report

on getting out a faster chip. Maybe we will get our chance to buy

Intel

(INTC) - Get Report

cheaper. That's the only way to view this announcement.

I admit that I have used every single positive Advanced Micro Devices announcement to buy Intel since the time Advanced Micro first decided to challenge Intel.

It's not as easy to make money doing this as it used to be, when

The Wall Street Journal

treated all threats to Intel's dominance as if they were truly threatening. For years, you could coin money as someone at the

TST Recommends

Journal

always was willing to create a horse race with Intel even if there wasn't one. (People not familiar with these kinds of things need only consider the way the press keeps

McCain

and

Bradley

in the race even though they are total lost causes.)

But there is always someone who is willing to sell Intel on this kind of news if only because that someone believes someone else will if he doesn't! The old prisoner's dilemma.

Why am I so confident that this won't be the killer iteration? Why don't I worry that this Advanced Micro initiative will crush Intel? Because Intel is the greatest manufacturer of the late 20th and early 21st centuries. It can make millions upon millions of chips better, faster and cheaper than anyone else.

That's what matters.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.