Apple actually makes a lot more acquisitions than you think, but they are rarely very high profile/talked about: https://en.wikipedia.org/wiki/List_of_mergers_and_acquisitio...

> One of their best acquisitions ever in my opinion…

NeXT? But yes, I completely get what you’re saying, I just couldn’t resist. It was an amazingly long sighted strategic move, for sure.

I almost feel like NeXT was a reverse acquisition, like Apple became NeXT with an Apple logo.

Pretty much so, I would say.

Equally (arguably) importantly, Johny Srouji joined Apple the same year as PA Semi's acquisition - '08 – and led Apple A4. (He previously worked at IBM on POWER7, which is a fascinating switch in market segment.)