No doubt, this is a sale/leaseback arrangement, one that will cost AMD money in the long run, but could hold off the wolf for a while.
I suspect AMD and their various German lenders are having some very tough, unpleasant meetings these days. Meetings like, “You loosen up some of those onerous loan conditions you’ve made in the past, or we’re going to end up in Saratoga, and you’re going to end up with some empty fabs.”
Maybe TSMC, maybe with some friends, wants to take over AMD, by hook or by crook, eventually leaving AMD an “independent” shell company for purposes of any Intel-AMD x86 agreement, but effectively taken over by others.
Maybe it’s something else, but whatever it is, this bears watching.