Unless they licence ARM IP and create something based on that.

(don't know if they'd be allowed - they sold off all their ARM stuff to Marvell only a few years ago)

I never quite understood why they dropped their own ARM developments (XScale, wasn't it?). But their focus is on the Atom and its evolution.

2 totally different strategies - the atom evolving from the old and understandably much maligned x86 architecture, and the arm evolving from a project by a bunch of nerds searching for a cheap and efficient CPU design.

Atom is likely to be a major force in mids and even smartphones within a year.
The power envelope is now competitive so it is going to be interesting what their trump card is.

I assume they arrive New Year with Android gingerbread,
It also has Meego. With Nokia being needy they may make a big push here.