Arm控股暗示公司正变成完整的芯片制造商：未来产品可能会包括全部解决方案。 ...

July 30, 2025 © 2025 Arm 1 Forward-Looking Statements This presentation contains forward-looking statements that reflect Arm Holdings plc's ("Arm") plans, beliefs, expectations and current views with respect to, among other things, future events and financial performance. These statements involve known and unknown risks, uncertainties and other important factors that may cause Arm's actual results, levels of activity, performance or achievements to be materially different from the information expressed or i ...

Group 1 - Arm Holdings shares fell by as much as 9% in after-hours trading following the release of the company's first-quarter earnings results [1] - The company expects second-quarter revenue to be between $1.01 billion and $1.11 billion, aligning with the analyst expectation of $1.05 billion [1] - Earnings per share were reported at 35 cents, matching analyst expectations, while revenue was slightly below expectations at $1.05 billion compared to the anticipated $1.06 billion [3] Group 2 - ARM is a chip technology firm that provides architecture for chips used in billions of devices, including those from Apple and Qualcomm [2] - Samsung launched the Galaxy Flip 7 during the quarter, utilizing the Exynos 2500 chip based on ARM's compute subsystem platform [2] - CEO Rene Haas indicated a strategic decision to invest more heavily, hinting at the possibility of designing proprietary processors [2]

Arm控股第一财季总体营收10.5亿美元，符合分析师预期。 第一财季调整后毛利润率97.9%，符合分析师预期。 预计二季度营收10.1亿-11.1亿美元，分析师预期10.6亿美元。 ARM控股盘后跌6.01%。 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of July, 2025 Commission File Number 001-41800 Arm Holdings plc 110 Fulbourn Road Cambridge CB1 9NJ United Kingdom (Address of principal executive office) The term "Annual Report" refers to Arm's annual report on Form 20-F for the fiscal year ended March 31, 2025, filed with the SEC on May ...

Group 1 - Morgan Stanley raised Arm's target price from $150 to $194, maintaining an "Overweight" rating, highlighting the potential strategic shift towards self-developed chips as a transformative opportunity for the company's long-term development [1] - The possibility of Arm's transition to self-developed chips has become a central topic of discussion among investors, with increasing market attention driving Arm's stock price above the previous target [1] - Analysts from Morgan Stanley noted active discussions regarding Arm's chip projects during a recent visit to Taiwan, despite lacking concrete evidence of nearing tape-out, indicating strong market momentum as investors await clearer information from the company [1] Group 2 - Morgan Stanley remains optimistic about Arm's long-term prospects due to diversification in value capture opportunities, including potential self-developed chips, and adjusted forecasts ahead of the company's Q1 earnings report on July 30 [2] - The firm raised its 2025 licensing revenue growth expectation from 8% to 11%, primarily due to the easing of restrictions in the Chinese market, while lowering the 2026 royalty revenue growth forecast from 22% to 20% due to weak consumer electronics demand [2] - Operating expense expectations were increased, with a projected compound annual growth rate of about 12% over the next two years, reflecting the company's plan to expand its engineering team from approximately 6,900 to over 10,000 in the next 2-3 years; adjusted EPS for 2027 is expected to be $2.94, with revenue forecasted at $6.43 billion [2]

Core Insights - ARM Holdings plc is set to report its first-quarter fiscal 2026 results on July 30, with earnings expected to be 34 cents, reflecting a 15% year-over-year decline, while revenues are projected at $1.04 billion, indicating an 11% year-over-year increase [2][4]. Financial Estimates - The Zacks Consensus Estimate for the current quarter's revenue is $1.04 billion, with a year-over-year growth estimate of 11.06% [3]. - For the upcoming quarter, the revenue estimate is $1.05 billion, with a projected year-over-year growth of 24.89% [3]. - The current year's revenue estimate stands at $4.69 billion, reflecting a 17.14% year-over-year growth, while next year's estimate is $5.71 billion, indicating a 21.64% increase [3]. Earnings Performance - ARM has a strong history of earnings surprises, having surpassed the Zacks Consensus Estimate in all of the trailing four quarters, with an average earnings surprise of 14.4% [5]. - The consensus estimate for Royalty revenues is $599 million, suggesting a 28.3% year-over-year decline, while License and other revenues are estimated at $440 million, indicating a 6.8% year-over-year decline [9]. Market Position and Valuation - ARM's stock has surged 46% in the past three months, trading at a forward P/E ratio of 85.2X, significantly higher than the industry average of 34.18X [8][10]. - The company's core strength in power-efficient chip architecture is central to its leadership in mobile computing, powering devices from major players like Apple, Qualcomm, and Samsung [11][12]. Strategic Importance - ARM is emerging as a foundational player in AI and IoT, with increasing reliance from companies like Apple, Qualcomm, and Samsung for AI-driven innovations [13][14]. - The demand for ARM's chips is expected to grow as machine learning and edge computing become more prevalent in technology advancements [14]. Investment Considerations - Given the substantial increase in ARM's stock price, a potential correction may occur, suggesting that investors might consider waiting for a more advantageous entry point [16][17].

Summary of Arm Holdings plc Conference Call Company Overview - **Company**: Arm Holdings plc (ARM.O) - **Industry**: Semiconductors - **Current Stock Price**: US$159.99 (as of July 24, 2025) - **Market Capitalization**: US$164,381 million Key Points Potential Shift to Chip Making - Arm is believed to be considering a transformative shift towards making its own chips, which could significantly impact its market position [3][7] - The earliest expected tape-out of a new chip design is projected for the first half of 2026 [3][7] Financial Forecasts - Price target raised from US$150.00 to US$194.00, maintaining an Overweight rating [1][4] - Adjusted EPS estimate for FY27 is now US$2.94, down from US$3.02, with sales forecasted at US$6.43 billion [7][14] - Earnings CAGR is estimated at approximately 33% from FY24 to FY27 [4][23] Licensing and Royalties - Licensing growth forecast increased from +8% to +11% due to easing restrictions in China [10][13] - Royalties growth forecast for FY26 trimmed from +22% to +20% amid weaker consumer demand, particularly in China [11][13] Operational Expenses - Anticipated increase in operational expenses (opex) with a 2-year CAGR of about 12% due to hiring of engineering talent [12][13] - Arm plans to expand its engineering workforce significantly, aiming to exceed 10,000 engineering heads in the next 2-3 years [12] Market Dynamics - The Ampere deal may face delays due to extended government review processes, potentially impacting timelines for new product launches [15] - Speculation within the industry regarding Arm's chip projects is high, although concrete evidence remains limited [3] Valuation Metrics - PEG ratio adjusted from 1.5 to 2.0, reflecting optimism about future growth opportunities [4][23] - Valuation reflects a premium to peers, justified by Arm's market position and potential for higher growth through chipmaking [23][29] Risks and Challenges - Risks include potential slower growth in royalties, geopolitical uncertainties, and competition from emerging technologies [29][32] - Outstanding litigation and regulatory challenges could also impact future performance [29][32] Conclusion - Arm Holdings is positioned for significant growth with its potential shift to chipmaking and strong licensing opportunities, despite facing some near-term challenges and market uncertainties [3][29]

Group 1 - Multiple companies are scheduled to release their earnings reports throughout the week, indicating a busy earnings season [1] - On Monday, companies like 铿腾电子 are set to report their performance [1] - On Tuesday, Stellantis and AstraZeneca will release their earnings before the European market opens [1] Group 2 - Major U.S. companies such as Boeing, UnitedHealth, and Procter & Gamble are expected to report earnings before the U.S. market opens on Tuesday [1] - Following that, Visa, Booking, and Starbucks will report their earnings after the U.S. market closes on Tuesday [1] - On Wednesday, significant tech companies including Microsoft, Meta Platforms, Qualcomm, and Arm Holdings are scheduled to release their earnings after the U.S. market closes [1] Group 3 - Mastercard is set to report its earnings before the U.S. market opens on Thursday [1] - Apple, Amazon, MicroStrategy, Coinbase, and Coherent will report their earnings after the U.S. market closes on Thursday [1] - On Friday, ExxonMobil, Chevron, and Regeneron Pharmaceuticals are expected to release their earnings before the U.S. market opens [1]

Core Insights - The artificial intelligence industry is experiencing a bullish trend, with investors showing interest despite concerns over stock valuations [1][2] - There is an urgency for investors to consider lower-profile AI stocks that may offer significant upside potential [2] Group 1: Arm Holdings - Arm Holdings specializes in designing semiconductor chips and licenses its designs to manufacturers, including those for AI-capable devices [5] - The company’s processors are noted for their power efficiency, consuming up to 60% less electricity than conventional chips, which positions them well for the growing data center market [6] - Arm aims to capture 50% of the global data center market by the end of the year, leveraging its partnerships, particularly with Amazon Web Services [6][7] Group 2: Navitas Semiconductor - Navitas Semiconductor focuses on enhancing older silicon technology to better suit modern applications, particularly in power-intensive sectors [8][9] - The company’s gallium nitride technology allows for energy-efficient designs, making it suitable for various electronic devices and power systems [10] - Analysts project a revenue growth of 51% next year and 39% the following year, indicating a positive outlook despite current volatility and unprofitability [13] Group 3: SoundHound AI - SoundHound AI has advanced voice recognition technology by integrating machine learning for contextual understanding, making it applicable in various customer service and automotive scenarios [15] - The company is transitioning to a subscription-based revenue model, which has introduced some volatility in its stock performance [16] - Projected revenue growth of 27% next year reflects the company’s potential to capture a share of the rapidly growing voice-based AI market, which is expected to grow at an average annual rate of 35% through 2033 [17][18]