Mubadala needs AMD to legitimize GloFo as a foundry. Without AMD they have no leading edge customers to showcase and entice others to GloFo.
As soon as GloFo signs on another high profile customer, say Qualcomm or Apple or Nvidia, then you can kiss Mubadala's interests in AMD goodbye.
GloFo is the national strategic interest there, not AMD. AMD is just a convenient customer for the moment because they are basically the only high profile customer for the moment. That will change, one way or the other.
You are right; thats the way they are thinking. And ofcourse its all about GF - not AMD. But its wrong.
They are looking way to narrow on it, and not brutal enough
GF is going to compete with TSMC and Intel
Its pretty much a race for, who have the biggest wallet
Now, every strategic action that Mubadala can do that hurt fx. Intels wallet is getting them an advantage. What they dont understand is, that AMD is the perfect company to hurt Intels profit, for very little investment. Putting 2B into AMD is far more costeffective than investing say 4B in GF. Ofcourse it have disadvantages, you are pouring money into something that have no interest to you, and some of it is even getting to TSMC - one of your main competitors.
Look how the market would be for Intel without the kabini and temash? And kaveri? - it would be a return to pure monopoly prices, and Intel profit would skyrocket transferring those ressources to process development. What Mubadala dont want, is that to happen. Intels monopoly status is the same as constant oil.
I have no doubt, that if Otellini was managing the show for mubadala, he would think like that. Its about attacking and hurting with few ressources.
Mubadala political purposes make them think business weak.
(edit: well who knows AMD might even start to make their own money some day. Not that i find it likely, but its a possible upside of the above strategy)