The funniest outcome would be Apple throwing so much money at Intel Foundry that they end up monopolizing the leading-edge nodes, like they do at TSMC, leaving the rest of Intel to fight for scraps on their own production lines. I guess Intel also uses TSMC now but... yeah, as mentioned.
Apple did this before with Samsung, I can totally see them doing this to Intel.
Typically Apple offers to pay a large percent of R&D cost in return for a year of exclusivity. I do not know why they'd not do the same here.
At that point Intel would be a highly successful foundry business! Then they could make very high performance RISC-V cores and offer them to foundry customers who need CPU. No need for legacy x86 at that point.