Arm 杀入英伟达主场？强攻自研芯片，股价盘后却下跌8%

Core Insights - Arm Holdings is increasing its investment in self-developed chips, marking a significant shift from its long-standing reliance on intellectual property licensing [1] - The company's first fiscal quarter report showed sales of $1.05 billion, slightly below market expectations of $1.06 billion, and adjusted earnings per share of $0.35, in line with expectations [1] - For the second fiscal quarter, Arm forecasts adjusted earnings per share between $0.29 and $0.37, below the analyst average expectation of $0.36, with revenue expected between $1.01 billion and $1.11 billion, consistent with the $1.06 billion expectation [1] Company Strategy - Arm plans to develop a complete range of products including chiplets, physical chips, motherboards, and systems, with chiplets serving as modular components for building complete processors [2] - The self-developed chip initiative is seen as an extension of Arm's CSS business, which integrates IP into semi-custom services, targeting the high-margin data center market [2] - Previous indications of Arm's self-developed chip plans emerged during a lawsuit with Qualcomm, where Qualcomm accused Arm of competing with its customers [2] Market Impact - The shift towards self-developed chips may lead to direct competition with existing customers, potentially straining relationships and trust [3] - High costs associated with chip development could increase future earnings uncertainty, and the timeline for profitability from the new strategy remains unspecified [3] - The market has already reacted negatively to Arm's strategic shift, as evidenced by an 8% drop in stock price following the announcement [1][2]