What can Nokia build....

... with Intel that they can't already build with ARM? The only thing is a device that runs full windows, and even then the arguement for doing so seems doubtful. The smartphone space is doing just fine without Intel and isn't suffering too badly under Microsoft. Eventually, Windows Mobile will become mature, and more feature rich, and there is no reason to think that - coming from a different code base to normal windows - it won't prove to be a cleaner, more usable experience, with less bloating and more efficiency.

If there is any compelling reason why nokia would ever use Intel to create a smartphone, I'm waiting to see what it is!