Greg, Wave was never about the chips. It is not about making chips. Wave doesn't care who makes the client side chips. I'm going to spend a little time on this one since you and Larry are totally off the mark. Hopefully this helps. Someone correct me if I made a mistake.
You see, on the client side, the Embassy chip does what the combination of the discrete TPM, LaGrande, secure graphics/I/O/USB, etc. does today (or will). The resulting effect of this is a "secure network" inside the PC between the chipsets and applications that need them, without letting any other applications inside. Think of "Tron", where the computer was a bunch of hallways, rooms and programs were people. There were guards and keypads at all the doors to allow access to these programs/people. Embassy is the same thing. It is an architecture of the PC.
Wave basically gave away the patent rights to build the hallways (PCI Express and ExpressCARD). They gave away the patent rights to build the rooms that will securely house the programs (LaGrande). They gave away the patent rights to the safe, that would house the important information (TPM). They gave away the patent rights to the guards and keypads that are on those internal-computer doors that make everything secure (NGSCB). So what did they keep for themselves?
Hopefully, they kept for themselves the patent rights for those guards and keypads to verify with the Prison Warden that certain programs do have access to certain areas and information. Without the Warden to instruct the guards, the programs could not be escorted securely to the gameroom to play. Without the Warden, none of the doors would be secure. None of the hallways would be secure. None of the information in the safe would be secure.
So it doesn't matter to Wave if Intel builds the chips. They don't care. The money is in the execution. The money is what comes when the architecture is fired up and someone needs to watch over it all.
Think, "Wave Systems is the doorman at the Trusted Computing Ball"
BTW, the trustzone stuff is basically the same, except in the mobile space.
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