I could be wrong, but it doesn't sound like Steve's style to me. His MO seems to be to buy small companies and take advantage of their IP. As long as ARM has licensing that Apple can take advantage of, why buy them?

http://www.engadget....-nobody-has-to-b/

Apple really isn't CPU limited. Their next breakthrough thing isn't going to be some unique device that has some magical chip. They've got a buzz with the iPad, the iPhone and their Macs. They should be thinking more about how to get AppleTV to be a must-have box, and making iTunes be the default gateway for video the way it is for music. Imagine a 3D AppleTV system that doesn't require glasses... I'm sure they're working on things like that.

My $0.02.

Cheers,
Scott.