Qualcomm can use their cash to fund more CPU/GPU design teams to cover more design points. Another option is to work more closely with TSMC and fund some process R&D to tune for their designs. They can acquire companies that fill in missing pieces of their SOC solutions such as the recent Atheros acquisition. They can place speculative bets on non-core businesses such as MEMS displays (Mirasol). But this is all getting somewhat off-topic from discussing Intel.
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