Apple buys a fabless chip designer dubbed PA Semi. The 150 person chip company develops high-end low-power chips.
There is no official statement from Apple on why they bought PA Semi. Apple works now very closely with Intel, but possibly Steve wants to have more chip know-how in-house to push Intel in his direction or design their own chip for portable devices like the iPhone. Apple already was talking to PA Semi three years ago, before the Intel era.
More details on Forbes. Via Engadget.