It makes me wonder if Nvidia was lobbying Microsoft to expand Windows support beyond x86 as a direct result of all this.
Either way, Nvidia's pretty clearly wanted to expand into the desktop CPU market for a while now, and with Intel blocking their entrance to the x86 market, it only makes sense they'd start examining other options. ARM seems like a pretty logical place for them to end up given the options.
While trying to just hold position as a supplier of GPUs for x86 PCs would be very difficult for nVidia now that both of the big x86 CPU manufacturers are pushing their own GPU systems hard (and increasingly, integrating them in the CPU). This is probably quite an up-or-out situation for them.
I wouldn't be too surprised if one part of MS's .NET push was a desire for architecture independence.
A universal binary contains actual machine code for multiple architectures. Universal binary support requires deeper changes to the OS and can complicate testing, but it's basically a requirement for making cross-platform high performance code because a JIT compiler can't spend as much time optimizing code as an ahead-of-time compiler.
Machine-independent bytecode paired with a high-quality VM allows you to ship a cross-platform executable, but it's not going to be enough when ARM PCs are facing an uphill battle to prove their performance is acceptable to a market that isn't particularly satisfied with Intel's Atom.