It is possible, even logical, but not probable. Intel generally goes it alone and will build their own alternative instead of buying a competitor. In the end, they produce an acceptable alternative that is good enough, but not one that excels. For most users and manufacturers, "good enough" will suffice when you offset the cost differential.
However, with NVDA, Intel has to be concerned that if they don't buy the company, someone else could and instantly becomes a competitor - or greater threat.
While NVDA languishes at the current ridiculous valuation, that threat continues to exist and grow in my mind.