I believe that, what is still working in AMD's favor, the economy is still shifting to the cloud model across the business landscape, and that shift is largely independent of the economy overall. Where as the demand for general computing resources may shrink a little, the demand from businesses retiring local servers and in-house data centers to move to cloud based solutions as a cost saving measure will actually increase as the global economy circles the toilet bowl. Companies will want to reduce in-house costs, including overhead from their own staff, and shift the security burden, at least to some extent, onto third parties that they can hold financially liable in court. Add in the fact that older cloud server hardware has an expected service life, and a lot of "first-wave" cloud gear is reaching EOL and needs to be replaced.
The server market may flatten a little overall, Intel still can't ship the volume on their leading edge product/node combination like they used to, and AMD is adding volume to meet market demand that competitors can't meet due to their own undesirable products and limited volume (Intel) or due to technical limitations (ARM products) with respect to compatibility with existing software bases. The landscape is still shifting as cloud vendors are still adding capacity overall and will eventually reach market saturation as well as more and more products becoming platform agnostic due to a shift to a thin/rich client model based around web delivery that doesn't care about it's back end.