HP wanting their hardware makes no sense at all.
Why would they? They already have deprecated Alpha, and PA-RISC, and now they need another one to add to their stable of dying platforms? HP helped invent, and is very committed to the Itanium.
Sun has been forever late with Rock, and even when it comes out, it probably will not offer anything many people want. The last thing HP needs is another dying platform. Everyone wanted Java, but the hardware end of the business is all about decay and death, and properly belongs on the category of pathos.
Oracle may decide to keep it, but no one else would. They may find a synergy between the hardware and software, and might find a whole solution is appealing to customers. I don't know. IBM has certainly been very successful with their mainframes doing this for over half a century, so there is a precedence for it.
I doubt even IBM would want Sun, without the software. Java was the big prize, of course, but even Solaris would have been interesting for them. Most servers are too primitive and inflexible for it to make much sense to buy Sun, but since IBM's mainframes are much more advanced than the x86, SPARC, or Itanium dinosaurs they call servers, it would really work out well. Since they already have optional processors for running Linux on the z10, and have optional processors for Java, it would not be impossible to add an option for SPARC chips as well, and then your sysplex could run Solaris with MVS(or z/OS), Linux, etc... all on the same machine. This would allow customers to consolidate many servers, even of different types, which in itself would save money and space, but additionally, they would be able to move from Unix to more advanced operating systems like z/OS over time, without much disruption if they chose.
So, if IBM can get Solaris with it, and cheap, I wouldn't be surprised to see them buy it, and then try to move people to their mainframes by adding the technology to it. It's the only thing that makes any sense to me, but, most likely there are other scenarios that do too. But, I doubt any of them involve HP.