Theoretically Apple could probably outbid Nvidia, but realistically regulators would never let Apple make that purchase so it's irrelevant that they have the cash to do so.

I'm not particularly familiar with US antitrust law specifics...

One big point that came up in the congressional hearing the other day was how Google, when buying DoubleClick, said (under oath to congress) that not only would they not merge data but that they legally couldn't if they wanted to - and then years later did just that.

Is there any way to acquire in such a way that Apple would own ARM but there'd be a complete firewall between them, with ARM having a separate board, CEO, etc. and nothing between them except the technical ownership (and any contracts between the two companies)?

I hope not, as I'm in favour of breaking up huge companies myself... but if legal firms can have a system in place for firewall of information between clients I don't see why a similar legal situation could be feasible for allowing Apple to buy on the condition that they can't have any say over operations, with selling ARM being their only way of influencing them in any way?

Of course, owning a company where you have no control at all isn't great, but in this case it might be worth it if Apple trusts ARM to keep doing well without Apple's help, and if it would prevent someone like NVIDIA from shutting Apple out.

And would there be any antitrust issues if Apple bought a 500 year license to freely (or at a pre-set calculation of pricing) use any and all current and future ARM designs?

Bloomberg says that SoftBank approached Apple before they approached Nvidia, but who knows.

I should have read the article before commenting! But I guess that means Apple aren't worried, either because their contracts are solid enough and/or they already have backup plans ready that are cheaper than buying ARM.

(Or, of course, Apple are making a huge mistake. But seems a bit less likely to me.)

Or just buy Nvidia