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Without meaning to comment on whether it is likely or not, they could also easily buy AMD.

(Price tag would be in the ballpark of $15-20 billion, 3 months of income for Apple)

AMD's cross-licensing agreements are unfortunately, or fortunately depending on your point of view, nontransferable.

https://www.kitguru.net/components/cpu/anton-shilov/amd-clar...

I wonder if "non-transferable" covers tricks like Apple loaning AMD the cash for AMD to buy Apple. Then renaming the new AMD to Apple. Then it would pay itself back for the loans.

I vaguely remember that the licensing agreement between Intel and AMD (Intel licenses x86 to AMD, AMD licenses x86_64 to Intel) expires if AMD gets bought. Apple could renegotiate, but it would not be straightforward, I think.

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