Intel reportedly almost bought NVIDIA for $20 billion in 2005 but its board of directors thwarted the plans because it would have been the firm's most expensive acquisition.

source https://www.windowscentral.com/hardware/cpu-gpu-components/intels-botched-usd20-billion-nvidia-acquisition-shines-a-usd3-trillion-light-on-the-chipmakers-short-sightedness-and-missed-opportunities-in-ai-it-would-have-been-intels-most-expensive-acquisition