The potential of being a competitor in an as of yet unproven market wouldn't be a good reason to acquire them. If that market becomes very very big AND Nvidia

The potential of being a competitor in an as of yet unproven market wouldn't be a good reason to acquire them. If that market becomes very very big AND Nvidia wins it, Intel could buy them in cash if they wanted, they certainly have it on hand. Why they haven't acquired them in the past, Intel clearly doesn't think they are worth it and preferred to compete against them directly on graphics.