It would be stupid of Apple to do so, because they have no core competency in running a semiconductor business. Apple's margins will be much better if the design and outsource the chip fab, rather than bringing it in-house. Apple purchasing Intel would also cause a large problem for the market since nobody really wants to buy from a competitor.
Acquiring Intel doesn't mean replacing it's business operation. What if Apple kept Intel running as is, but merely use their designing and manufacturing ability to get better chip for their hardware?
