Dell was quizzed about its acquisition strategy on a conference call with analysts last night but nobody mentioned the white elephant in the room; the feverish industry talk that it is looking to buy AMD.
In the recent acquisition spree, Dell dipped into its cash reserves to buy SecureWorks, Boomi and InSite, and the strategy will remain unchanged, said boss Michael Dell last night
"I think it will be very similar to what you've seen us do in the recent history here, where we're looking for relatively smaller sized ingredient acquisitions where we can leverage them with our substantial customer access and distribution," he said.
No one asked him about taking over AMD, perhaps because they knew he wouldn't entertain the question - perhaps they couldn't get it past the call moderator - or because it is far fetched.
The world's second largest chip maker parted with CEO Dirk Meyer at the start of the year to seek a leader that can deliver significant long term growth and market leadership, which could make AMD vulnerable.
The New York Stock Exchange is clearly smiling on a potential deal with Dell as AMD's share price rallied 5% on Tuesday, though they slid back by 0.35% today with the valuation of the company currently standing $5.8bn.
Reports suggest AMD would represent a valuable target for Dell as it could base the next waves of technology on the newly acquired IP, but there are a bunch of PC rivals that may not be so cheery about any deal.
Dell buying AMD would be the most ironic of moves, lest we forget the court battle AMD brought against Intel and its monopolistic behaviour, in which it used rebates to coerce Dell to exclusively integrate Intel inside.
Will it happen? I don't think so, but then again who predicted Intel buying McAfee or HP taking on 3Com?
This was first published in February 2011