I’m not an expert on either company, but as I see it NVIDIA has a massive scale of R&D that is very effective and meaningfully focused. Intel seems to be cutting a massive amount of R&D that went no where & also doesn’t seem to have a clear thesis about who they are in the future.

Generally M&A’s argument is that it’s more capitally efficient to acquire. There’s certainly a a case to be made for that here, but having seen a few engineering teams post M&A it could actually be a poison pill for NVIDIA.

I’d love to hear from other more informed people what I’m missing here.