My first thought too. They have sunk an awful lot of money into GPUs without ever delivering a really competitive offering. And then there was Larrabee...
Now they have Xeon Phi, but wonder if it ever matter for games.
http://clbenchmark.com/compare.jsp?config_0=15887974&config_...
Better luck next generation...
You don't need video hardware directly.
Using Larrabee or now Xeon Phi would not be much different from doing 3D math with vector instructions or co-processors, like on the old days, before accelerated graphic cards became the norm in the PC world.
The main issue is that so far Intel was not been able to produce anything that beats AMD or NVidias offerings in GPGPU market.