AMD stock price will allow them to get more in loans. AMD has cut huge amounts of their debt, and are prime for investment. AMD could very easily offset a reduction in margins and use the investments to supplement things like R&D. AMD could likely sell Zen for $600-$700 at the top end and still make very good margins. If AMD can gain enough market share, then they can leverage that for further investment to supplement cash.
You are thinking in small business terms, and not in corporate terms. If AMD goes after the cash pop, then that means higher prices. Higher prices directly reduce consumption at the higher price point vs a lower price point. That limits market capture which allows Intel to come back if they so choose.
What is important for AMD is to gain market share and lock people into their system. If AMD can get a win in the server market and the next gen is equal or slightly behind Intel, that is a win. That is because the cost of moving platforms is expensive and is only worth while if the cost of moving is worth the benefit. If Intel comes out with its next gen and its only a few % faster than AMDs next gen, then many still upgrade to AMD because that means less hardware to buy. Big companies may have the capital to move, but many will not.