Re: The long game
Honestly, I can't see a fault with that approach. For many smaller companies, the buy-out would be taken as proof of success, and the marketing as well as cap-ex powress of the buyer be seen as the needed lever to take a superior product to stellar sales. After all, what good is it if you've designed the most-fabulous CPU of the last 1000 years and adapted it perfectly to ASML's beeleeon-of-beeleeon-gigadollar chipmaking machinery ... if you can't afford as much as their waste heat nevermind the kit to do a real wafer run.
Acquisitions aren't necessarily evil; think AMD purchasing NexGen and turning that tech into the Athlon and Opteron CPUs; without that acquisition, we'd probably using overpriced overheating Intel Itanic (as partner-buyout from HP) to this day. Or, gasp, Oracle SPARC (another acquisition, that). Damned. Acquisitions everywhere. Did I mention Apple bought PA Semi, instead of setting up their own chip design team from scratch ?
I suspect we'll see both chip design and manufacturing becoming more of an "aS" type business. And only the largest users will in-source - either design, or manufacturing, or both. In a way, by and large, we're actually there; that's how TSMC runs their business. If the funding billions go to build a to-order shared fab, it may just become v2 of that. Or so the initators must hope.