It looks like Google's decided to make use of that $26.5 billion war chest. PeHub reports that Google has acquired Agnilux. The company was building some sort of server prior to acquisition. That may be why Google was interested in owning them...but there is another possibility.
Agnilux is made up of several developers from P.A. Semi who elected to not stick with Apple when they bought the company. Instead, these devs used the money from the Apple sale to found Agnilux. P.A. Semi is the company that built the iPad's processor, so you can see why this news is significant.
We don't have nearly enough evidence to declare that Google is working on some sort of top-secret hardware project, but this acquisition is certain to fuel months worth of rumors.