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Some of the specifications are different, but it's mostly just two competing companies creating processors. It's similar to asking what's the difference between two car companies. Besides that, AMD tends to make good desktop processors at the $200 range, Intel makes the best high-end processors... There are a bunch of little differences as well. When comparing them it's best to look on a case-by-case basis.
 

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Intel carries higher priced, state of the art processors such as the Core i7 architecture while AMD produces value priced microprocessors which have kept pace with Intel offerings. Intel's most popular product is the Core i7, which uses Quick Path Interface and DDR3 memory. AMD's best seller is the Phenom II architecture that uses a slower front side bus and dual channel RAM. Intel and AMD are both currently producing processors in a 45nm fabrication process. Intel said that the 32nm chips would released in late 2009 while AMD worked to release a 32nm process by 2010.
I'm sure AMD produces some CPUs that use an FSB, just as Intel does, but I doubt if their current flagship product does since http://en.wikipedia.org/wiki/Front-side_bus says "The front-side bus has been criticized by AMD as being an old and slow technology that bottlenecks today's computer systems." I remember trying to compare specs last year when I was shopping for a new PC & discovered that AMD chips that use their HyperTransport don't use the FSB. I believe that includes the Phenom II line.
 
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