It would be quite surprising for AMD to go under within a year. They've pretty much managed to stop the financial bleeding that has plagued the company over the past several years. This is also with 2014 being a dead year in terms of new products. Sure, Kabini and Kaveri came out but they didn't see much play from the OEM's. AMD's GPU update for this year has yet to land. Socket AM3 is dead without any new products for it but still gets a bit of traction in the DIY market due to pricing. AMD was on the edge of collapsing a year ago and if they were going to go under, they simply would have by now.
2015 is a big year for the company with several major new products. The main thing AMD needs to do is get more design wins and they have several for their ARM based Opterons. Their HSA efforts may also pay off in 2015 with the successor to Kaveri arriving. On the GPU side of things, there will still be competition from nVidia but if AMD can beat them to 20 nm by a wide time margin, they'll be fine.
If anything, there is room for another company to move in and purchase AMD. There are only a handful of companies that it'd make sense: Apple, Samsung and Qualcom come to mind. Due to the anti-trust settlement, the x86 license can be transferred with permission from Intel. Due the regulators watching, it would be in Intel's best interest to let a buyout go through but I'd expect a couple of concessions to appear (mainly more cross licensing agreements with the new parent).
While nVidia's Maxwell is rather power efficient, the performance increase for the arrangement of SMX, ROPs, and TMUs is not that big of a leap compared to Kepler. Essentially the power savings of Maxwell will be funneled into higher clock speeds as signs are pointing toward nVidia using 28 nm for the GTX 880 series. This means that nVidia is pretty much stuck using similar number of shaders, ROPs and TMU's as Kepler as there is little room to further increase in die size. This also brings me to the highend GK210 chip: it isn't coming out this year. Rather the GK204 is set to be nVidia's flagship card and displace the GTX780Ti. (The Titan Black will not be replaced when the GTX 880 arrives due to Titan's unlocked compute focus. It'd be faster in DP workloads than an unlocked GM204 if history is any precedent.)
Dual Opteron 6376, 96 GB DDR3, Asus KGPE-D16, GTX 970
Mac Pro Dual Xeon E5645, 48 GB DDR3, GTX 770
Core i7 3930K@4.2 Ghz, 32 GB DDR3, GA-X79-UP5-Wifi
Core i7 2600K@4.4 Ghz, 16 GB DDR3, GTX 970, GA-X68XP-UD4