http://www.oregonlive.com/silicon-forest/index.ssf/2015/04/intel_reports_firs...Intel recalibrates, expects 'flat' 2015 
Read the article, it is short and shows graphically where Intel is at the moment.
Intel blew over 10 billion dollars buying tablet market share in China in 2013 and 2014, problem becomes that the effect of that spending didn't last six months after the spending stopped as the Hockey Stick boys are now supplying lower cost higher performance ARM chipsets into all the market niches that Intel opened up.
Plus, ARM has rolled a whole new generation since then, as has Android.
Intel cannot keep current without continuing to drop yet another 10 billion down the mobile rat hole.
Furthermore, the Hockey Stick boys are now starting to supply laptop chipsets in 2015, which is another very bad thing for Intel. They have not seen open competition in laptops and PCs other than AMD, over which they had a licensing stranglehold all along.
Lastly, Intel's 14nm roll out was delayed and delayed and delayed, and delayed yet again --- and finally when it did happen the thermal throttling issues that popped up were stunning in their magnitude and scope.
Intel has some serious issues with Broadwell and Skylake that are making both "not yet real" compared to every one the of roll out roadmaps that have ever been published.
So, Intel only has "data center" as the sole growth mode that they have on the books for this year, and they have a very limited 2015 capital budget to spend.
So,
buying Altera makes sense now that you understand where Intel really is at the moment. Spending a penny on anything other than data center has been contra-indicated by the senior Intel bean pickers and the Intel Board of Trustees.
What is bad for Intel is that Microsoft is now working closely with Qualcomm and Mediatek and Samsung to support their laptop grade chipsets for the Win10 Mobile roll out, along with trying for some fairly complete support for ARM in tablets and phones.
Microsoft seeks to lead the pack into the new docked phone/PC world view which is an ominous thing for poor Intel as they got NOTHING so far to toss into that particular circus ring.