If a company like NV aquires TM and keeps it as a subsidiary then NV gets access to all of TMs patents. Intel only gets access to the new things that TM develops, so as long as TM doesn't develop any new tech of it's own, Nvidia has no worries.

Will Transmeta IP agreement with Intel mean any further technology development by Transmeta's future owner can be blatantly copied by Intel? If that's the case, companies like Nvidia will have little interest in Investing on Transmeta.

AMD is already a part owner after buying a stake last year.

L'Inq: http://www.theinquirer.net/gb/inquirer/news/2007/07/06/amd-makes-more-than-strategic-investment-in-transmeta

Looks to me as if A lot of you guys want all the fabs in the east. Not I . 

INTEL = USA. FAB capacity. Intel is maybe the strongest stratigic weapon the UAS has. 

Clearly we don't want an intel like AMD . It has to be strong. These cips run everthing man . Ya lets do all the fabbing in the east. NO WAY. Intel isn'T a monoply . Its our strengh.

We will never know in which position Transmeta would be today if they had opened up access to the internals of their processors, in particular the microcode. But I think the company would be most likely in a much better position. Never mind, Transmeta, put your microcode where no money grows.


Transvidia?

Intel has every incentive to monetize the intellectual property at a monopoly price. It can't do that if it falls in someone else's hands and they have to compete to license it. TMTA's tax losses also offer a clear benefit to an aquiring company. 
With Intel (or anyone else's financial backing), TMTA can aggressively go after IP infringers. TSMC, AMD and IBM are potential buyers. Past licensees also have incentive; e.g., NEC's license is only good to 45nm. 
I think we'll see some competition for this company! You guys are good at finding out the "word on the street" so I was expecting more on this story.

NVidia ...

Perhaps nVidia will swoop in to get in on the x86 game? As the original Transmeta processors were in-order very long instruction word (VLIW) cores that emulated x86, perhaps nVidia's CUDA efforts could find an expanded use.

This is classic. Small hungry company develops better technology than Intel. Intel needs years to catch up. Intel strongarms OEMs and channel not to take technology, or a lot of it. Bribes, threats, and you know what else. Intel develops a technology almost, kind of, sort of, maybe better, at least according to Intel. Small company loses all business and because of the previous Intel strongarms, didn't make a lot of money in the previous years. Small company withers and Intel remains the mob boss. Sound familiar?

This might just be a godsend for nVidia. They are trying to get into the CPU market and the only thing stopping them is IP. With the Transmeta portfolio they might just become free enough to create an X86 CPU.

I doubt AMD is interested or able to buy this.
Apple has already its hands full with semi.
intel well it's clear
VIA has their own stuff...
so who's left?
NVIDIA...
access to energy efficient design maybe add this to their cuda thingy...
access to x86 without actually paying royalties...
I think nvidia will definitely snap this one.