Microsoft doesn't need to acquire Intel, they need to do what Apple did and acquire a stellar ARM design house that will build a chip with x86 translation, tailored to accelerate the typical workloads on Windows machines and sell those chips to the likes of Dell and Lenovo and tell developers "ARM Windows is the future, x86 Windows will be sunset in 5 years and no longer supported by us, start porting your apps ASAP and in the mean time, try our X86 emulator on our ARM silicon, it works great."
Microsoft proved with the XBOX and Surface series they can make good hardware if they want, now they need to move to chip design.