What is Intel up to?

Seriously, what are they up to? Intel acquires Offset Software, a game development studio that is doing a game and an engine. Wait, I was thinking the game and tech are for PC and Xbox360? What would Intel do with that?

Not so long ago, some well known graphics guys went to work for Intel. A while ago Intel acquired Neoptica

Signs of Larrabee coming? Intel starting to take GPUs seriously? Something else?