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Here’s the latest action:

Advanced Micro Devices is in a world of hurt — The Sunnyvale, Calif. chip company lost $358 million on revenues of $1.5 billion in the quarter. It cited a tough outlook for the computer market, but it is clearly hurting from Intel’s newfound competitiveness. AMD’s core business is microprocessors and graphics chips for personal computers. It has other businesses related to getting those chips into other devices, from consumer electronics to mobile phones. CEO Hector Ruiz said the company is looking at its “non-core businesses” to evaluate them as part of a new cost-cutting program. That’s in addition to its previously announced restructuring in which it will cut 10 percent of its staff. Hence, it may sell off some of its non-core businesses.

Sequoia wants to be Blackstone, Carlyle going through shift — Sequoia Capital, Silicon Valley’s top dog venture capital firm, is trying to broaden its franchise, looking to do asset management and advisory work, according to Dan Primack, who says it is looking to become the venture community’s Blackstone Group. Among other things, PE Wire says Sequoia is raising a $750M hedge fund and has hired Eric Upin, former chief investment officer for the Stanford University endowment, and Michael Beckwith, former principal with Maverick Capital. We’ll look into this (let us know if you know more). Meanwhile, Primack also mentions that Bob Grady, who has led venture capital activities for The Carlyle Group, an investment firm with close ties to the Bush Administration, is moving into a lesser role. It’s part of a larger transition happening at the firm. The firm has lost two partners, and it replaced them with Nick Sturiale (formerly of Sevin Rosen Funds) and Greg Rossman (formerly of Pequot Capital). According to Primack, it also has hired Jeb Miller as a principal. Miller was previously ousted from ComVentures when that firm merged with Velocity Interactive Group.

Technorati and b5media to merge? — Seems like an odd idea to merge a company like Technorati, which searches and ranks blogs all across the web, with b5media’s network of 340 topic-oriented blogs. Wouldn’t the result be b5-biased Technorati rankings? Anyway, the merger is off because of personality differences and accounting issues, apparently.

The future of social networking: Watch this space — Social networking executives, investors and pundits sounded optimistic at a panel held on Microsoft’s Silicon Valley campus yesterday afternoon. There are still issues with making networks profitable, but that will come with time, panelists said. The discussion was part of ReMix, a follow-up to Microsoft’s big Mix conference earlier this year. The award for best quote goes to Dalton Caldwell of imeem (pictured), who said about Facebook founder Mark Zuckerberg, “I think Zuckerberg is calling the shots for our industry, and when they launched a platform, our heads exploded.”

Electronic Arts and Take-Two Interactive continue to trade barbs as EA extends takeover offer — More here. Our previous coverage here.

Quality-video site Hulu coming to mobile? — It’s been talked about before, and chief executive Jason Kilar implied as much again during a recent talk. Of course, there are already mobile competitors. YouTube has its own mobile site, while startup MyWaves has a deal with media conglomerate Viacom to be the sole provider of mobile Viacom videos.

“‘Crazy guy'” thinks CNN’s web site is about to be attacked by Chinese computers — more here.


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