To quote
wikipedia on the lemma disintermediation :"A prime example of disintermediation is Dell, Inc., which sells many of its systems direct to the consumer — thus bypassing traditional retail chains. In the non-Internet world, disintermediation has been an important strategy for many big box retailers like Walmart, which attempt to reduce prices by reducing the number of intermediaries between the supplier and the buyer. Disintermediation is also closely associated with the idea of just in time manufacturing, as the removal of the need for inventory removes one function of an intermediary".
Micheal Dells credo was in fact: "cutting out the middleman". This intensively competative low-margin business is a race to the bottom. And on the bottom you will find the only way by becoming the producer, as the only option left to maintain profitable margins. This is a shift from the traditional of Dell's think in one part, but at the same time also cutting your self out as a middleman. There are indeed problems with it, such as keeping inventory turnover low. However I think this is still managable and in some way the direct sell to the customer business model can be maintained, so there is really no middleman left.
But again I disagree that it's Dell who suffers. The suffering will be at the Intel side, because most likely if Dell takes over AMD they will become Intels direct competitor and Intel will lose Dell as a middleman of its products. Intel is dependant of middleman and it does lack the succesful operation of Dell's e-tailing. Dell is not depandent of middleman, they have cut them already out. I expect the same heavy lobbing from both competitor if Dell indeed takes over AMD, so the end result of that will be uncertain for now. But I am already curious what Microsofts position in this lobby would be. Don't be so sure about who wins in the lobbying end, not just yet!