Unless I'm reading this report (from YE 2013) wrong, Intel only had $5+ billion in cash, and had suffered a depletion during 2013 from $8+ billion.

http://markets.ft.com/research//Markets/Tearsheets/Financials?s=INTC:NSQ&subview=CashFlow&period=a

Which means that the only way Intel could ever pony up properly to make a reasonable takeover offer would be to jointly combine with someone else that has enough cash, or take on debt for a proper offer.

Meanwhile, Apple and Google both have enough cash to bid high and bid often against each other.

I'm certainly getting way ahead of the cart here, but it is something to ponder. And bearing in mind that GT commented that he hoped they had enough self-respect to not sell out to Intel...

I only mention all of this because eventually (I hope), "the race" will be about this.