Apple used to get it's ARM fabbed by Samsung. It wasn't an issue for a while but now that Samsung competes with Apple on the device level (where the profit margins are the highest), Apple doesn't like that. In addition to that, Samsung also got more experience in the process building processors for mobile phones.
Hence, Apple had to find someone else to fab it's ARM chips. They went for TSMC. Why ? Probably because Intel didn't want to fab ARM chips. Why ? Because there is only little business to make there.
If you look at the processor markets, Intel leads the market in terms of fabbing capability. This means that they could easily make smaller ARM chips than the rest of the market. But that would also mean that they would have to pay big part of their profit margins away to ARM.
ARM chips are way more efficient power-wise. Intel is now focussing to make more power efficient x86 chips that they hope to bring to the smartphone market in two years time. But by then ARM will probably have made some progress too.
Intel's business strategy is clear, they don't want to simply fab chips for others. They want to own the chip design they fab so the retail price is considerably higher because Intel has it's own intellectual property involved.
I personally would have loved Intel making ARM but it's simply not going to happen.
So this explains why Intel has to invest a lot of money in the web and tools that make cross-architecture deployement easier. It's not a surprise that Intel funded MeeGo that has x86 and ARM capability and that they probably will be sponsoring Ubuntu Mobile.