Havn't you even read Anand't blog on his thoughts? This is actually a very good idea for a merger/buyout at this time between CPU manufacturers and Graphics Card manufacturers. More and more processes are being offloaded from the CPU to be run on the GPU. What really makes a GPU so different from a CPU anymore? Both have a fully programable interface and machine code. Both utilize FPU's for floating point arithmatic, have fast local memory (cache or in the case of the graphics cards "graphic memory" which is really L2 cache memory). Both have input streams and output streams. Both have registers for storing local variables and "pipelines" for the process control flow of the data. So how are they different? Oh one outputs to a DVI or VGA port which communicates with a monitor and the other outputs to main memory, system bus or disk/storage (which sometimes will be to a video device, or network device, or etc., etc.,)... Hmmmmmm... yeah there is nothing in common with those items. They don't both use silicon based devices with transistors and circuit connecting them (oh, wait, they do don't they). They don't require fabrication plants that can print or embed the transistors into the silicon layer (oh... no, sorry, yeah they do that too).
If you havn't noticed yet, the difference between a GPU and a CPU is like the difference between an Ipod and a Video Ipod. A GPU and CPU are built on the exact same principals in terms of materials and follow the same rules of physics for electrical interaction and same rules of mathematics for logic circuit design. One, the GPU, is just more optimized hardware for doing matix transforms, floating point arithmatic, and pixel transforms, because that is the main result that we want to output. A CPU is simple a general purpose processor that tries to do everything well, not just a few select special purpose processes. But if you havn't noticed the writing on the wall, what game designers and graphic artics want is something that allows more flexibility in writing algorithmic code. Shaders for example. Well, since they want full programability, you need to now be a more generalist processor being able to handle more different types of code, not just a set of specific hard-coded (as in built into the hardware) functions. The future is open ended programmable graphic effects. Which makes a merger between a company that already has years of knowledge making generalist processors (CPUs in this case) a very good candidate for purchasing/merging with a graphics company.
I think they will very much keep seperate business units, but might merge or crossover on the some of the design and manufacturing process units as there is a lot of synergy in those areas.