Intel already owns half of the graphic business, as its integrated chipsets are all over the machines around you. Not that Intel's integrated can do any serious graphics, but it can display a picture on a notebook or desktop just fine.
We don't know how serious Intel is about this new return to graphics and last time it tried, it was not very successful. It made I740 graphic cards, extremely hot and with dodgy drivers and we don't think Intel can create a much better driver now.
The only thing that has crossed my mind is that Intel might use some third party marchitecture such as Power VR MBX and the drivers that comes with it. Intel already use this core for its handheld business. It has the licences so it could be realistic but we will try to ask more about it.
One thing is sure, Intel previously dumped its integrated low-end chipset business and left it to ATI and SIS. ยต
See Also:
Intel to get back into gaming graphics