Qualcomm doesn't need to play Intel's game. AMD does. Qualcomm can independently design and produce chips and servers and tear away Intel's customers and sell to them. They also have the weight to market their offering on their own. They're as big as Intel.
'Qualcomm can independently design and produce chips and servers and tear away Intel's customers and sell to them.'
That's the theory but out of all the three 3-way OoO ARM processors out there already, ARM (A15) and Apple (A6) are the other two, theirs (S4) is the lowest performing. They were also very late in getting WHQL certification for their Windows RT chip. Neither fact bodes well for their hardware and software competence but hey let them knock themselves out and waste money like all the other ARM guys attempting to build a profitable ARM server chip ;-).