A month before the Valley's perpetual Avis of chipmakers coronated heir apparent Dirk Meyer as CEO in July, the company had leaked rumors of a pending split into two separate businesses. One would be solely devoted solely to running the company's two chip-fabrication plants, the other to doing all the fun stuff. The upside for AMD?By selling off its fab plants, it could hopefully turn around its $1 billion-plus losses. Tom's Hardware Guide spinoff TG Daily now cites "sources" — don't you hate those? I know I do — who claim the split is only weeks away. Here's what's really happening: The split is real. The "leaks" and "sources" are AMD's way of letting the market know what's up without formally committing to it in a statement.

• Merrill Lynch's $4.65 billion second-quarter loss was almost twice what analysts had predicted; the firm also wrote down an additional $9.5 billion in connection with subprime losses. [Bloomberg]

The CEO who, for a moment, turned the tide in AMD's long struggle with rival chipmaker Intel, is out, replaced by COO Dirk Meyer. The company recently posted a $1.2 billion loss. [San Jose Mercury News]

When we saw AMD president Dirk Meyer staring into our inner beings from a banner ad, we were compelled to click through and rewarded with a multimedia journey into the dark heart of man. AMD put a little "online event" together to show just how terribly they need a new marketing team. More scary heads on teal backgrounds after the jump.