Ron Black said his unfair dismissal meant Imagination was unable to become a major tech player - David Rose A tech boss who was sacked by a British microchip company for blowing the whistle on a move to China has received a multimillion-dollar payout. Ron Black has received $2m (£1.5m) from Imagination Technologies after an employment tribunal declared he had been unfairly dismissed for whistleblowing. Mr Black was removed as Imagination’s chief executive in 2020 after alerting MPs to an attempted “coup ...

此后，由软银集团控股的Arm加速推进上市进程，并于后续顺利完成首次公开募股。截至目前，英伟达与Arm双方均未对此次股份出售事宜作出回应—— 英伟达拒绝置评，Arm方面也未立即回应媒体的置评请求。 作为全球市值最高的企业之一，英伟达目前已成为科技行业的重要战略投资方，其持仓涵盖英特尔、诺基亚、CoreWeave、新思科技（Synopsys）等多家 知名企业。公司明确表示，将依托自身的资金实力与技术积累，进一步推动人工智能计算基础设施的规模化部署与广泛应用，助力人工智能计算的普及与 推广。 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 2026年2月18日，英伟达完成对Arm Holdings全部剩余股份的出售，两家公司过去数年间围绕股权与战略关系的一系列变动正式终结。 根据最新披露的监管文件显示，英伟达在去年第四季度的某个时间点减持了110万股Arm股票，按本周二Arm的收盘价计算，这笔交易价值约1.4亿美元， 折合人民币约9.68亿元。此次减持后，英伟达对Arm的持股比例降至零，不再持有其任何股份。 这一决定意味着五年前英伟达启动的Arm收购计划彻底落幕。 2020年，英伟达曾宣布 ...

最显著的变化是行业整合。随着行业的成熟，行业整合是自然而然的，但半导体行业的整合也受到 行业趋势的驱动。其中一个趋势是 向系统级芯片（SoC）的转型 ，尤其是在推动互联智能设备 （即物联网，IoT）发展方面。这促使许多半导体公司掀起收购热潮，尽可能多地获取知识产权，以 减少对第三方知识产权的依赖，同时提高产品差异化潜力。结果是，半导体公司的规模远超纯粹的 知识产权供应商。凭借更高的收入和研发预算，知识产权客户开始超越纯粹的知识产权供应商。 最显著的例子是 Arm 。像苹果、高通和三星这样的大客户开始根据自己的特定产品规格开发定制 的 Arm 兼容 CPU 内核，而且速度比 Arm 更快。 第二个趋势，也是目前仍在发展的趋势，是 开源硬件IP 。正如开源软件颠覆了软件生态系统一 样，开源硬件也在颠覆硬件生态系统。围绕一项新技术构建生态系统可能需要数十年时间，但这一 转变始于2010年RISC-V CPU架构的推出。尽管 RISC-V 已被广泛应用，但其主要用于嵌入式微 控制器，不过它在高端计算应用领域也越来越受到关注。虽然开源硬件不会在一夜之间取代专有架 构，尤其是在对性能要求极高且需要安全认证的应用中，但它正 ...

Core Insights - Masayoshi Son, the billionaire investor, has made a significant investment in OpenAI, totaling $34 billion, with plans to invest an additional $30 billion in the next funding round, highlighting his belief in AI as "humanity's future" [1] Financial Performance - SoftBank reported a profit of $1.6 billion in the winter quarter, a turnaround from a loss of $2.4 billion in the same quarter the previous year, largely driven by returns from OpenAI [2] - The company made $4.3 billion from its OpenAI investment last quarter, contributing to a total of $17 billion in returns for the previous year, which significantly bolstered its second Vision Fund [3] Investment Strategy - SoftBank is increasing its investment in OpenAI while reducing stakes in other companies, such as selling Nvidia for $5.8 billion and cutting its T-Mobile investment by $12.7 billion, indicating a strategic focus on AI [3] - The company has taken on $27 billion in debt in the winter quarter to support its investments, reflecting its aggressive approach to funding [3] Market Position and Future Prospects - SoftBank's shares have nearly doubled over the past year, suggesting positive market sentiment towards its investments, particularly in AI [2] - The company has a significant portion of its assets, 60%, tied to "Artificial Superintelligence," indicating a strong commitment to future tech [5] - SoftBank is also a leading investor in initiatives aimed at building AI infrastructure in the US, including the $500 billion Stargate project and a project backed by Japan's planned $550 billion investment in AI [5]

Core Viewpoint - Arm, a company deeply embedded in the semiconductor industry, faces challenges despite its widespread design usage in smartphones and connected devices. The company is optimistic about future growth driven by artificial intelligence, even as its stock price has declined due to weak demand in consumer electronics [2][3]. Group 1: Company Overview - Arm does not sell chips but licenses its designs, allowing clients to modify and produce chips themselves, generating revenue through upfront licensing fees and royalties [2]. - The company has shipped over 300 billion chips, with more than 30 billion shipped in the last year alone [2]. Group 2: Market Dynamics - Despite the growth in the Philadelphia Semiconductor Index by 65% since early 2025, Arm's stock has decreased by 2% due to sluggish demand in smartphones and consumer electronics [2]. - The rise of artificial intelligence is expected to stimulate demand for Arm's chips, particularly in data centers, which are increasingly reliant on both GPUs and CPUs [4]. Group 3: Strategic Choices - Arm may need to evolve from merely selling design blueprints to developing its own chips to capture more value from the AI boom, which could alienate existing clients [3][6]. - The company is exploring new revenue streams through pre-assembled processor modules, which could triple income per chip compared to traditional designs [5]. Group 4: Financial Performance - Analysts project Arm's revenue for the current fiscal year to be around $5 billion, with half coming from patent royalties and the other half from licensing fees, marking a 20% growth from 2025 [4][5]. - The patent royalty per mobile chip was approximately $0.86, representing 2.5% to 5% of the chip's price [5]. Group 5: Competitive Landscape - Arm's revenue is significantly lower compared to major chip manufacturers like Nvidia and Intel, highlighting the need for strategic shifts to enhance profitability [5]. - The company faces competition from China's push for RISC-V architecture, which is seen as a domestic alternative to Arm and Intel designs [7]. Group 6: Future Outlook - Arm's CEO expresses concern over the company's ability to keep pace with the rapid evolution of AI technologies, as chip design and manufacturing can take years, while AI models can evolve in months [7]. - The company's ownership structure, with SoftBank holding over 85% of shares, may influence its strategic direction, particularly as SoftBank seeks to build a competitive chip portfolio [6].

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $20.1 million, up 16% sequentially and 30% year-over-year, exceeding guidance [20] - Full year 2025 total revenue reached $70.6 million, a 22% increase year-over-year [20] - Annual contract value plus royalties was $83.6 million, a 28% year-over-year increase, marking a new record [21] - Remaining performance obligations (RPO) totaled $117 million, representing a 32% year-over-year increase, another record high [21] - Non-GAAP gross profit for Q4 was $18.5 million, with a gross margin of 92% [22] - GAAP operating loss for Q4 was $8.5 million, compared to a loss of $7.1 million in the prior year [25] Business Line Data and Key Metrics Changes - Variable royalties increased by 50% year-over-year, with Q4 setting a new record [20] - FlexGen, an AI-driven smart NoC IP product, saw strong customer adoption, licensed for over 30 production device deployments [11] - Ncore, a cache coherent interconnect IP product, also experienced strength in licensing across various edge and server applications [12] Market Data and Key Metrics Changes - The largest impacts on revenue were seen in enterprise computing, automotive, and consumer electronics markets [7] - The number of large royalty reporters tripled in the last two years, indicating a diversified customer base [20] Company Strategy and Development Direction - The acquisition of Cycuity enhances Arteris' product portfolio, focusing on semiconductor cybersecurity assurance [8] - The company aims to address the growing need for cybersecurity in semiconductor designs, which is becoming a major issue [10] - Arteris is positioned to support semiconductor applications in the AI era across various sectors, including automotive and aerospace [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting to report a non-GAAP operating profit as early as Q4 2026 [28] - The company anticipates continued strong demand for its products driven by the proliferation of AI-driven semiconductor designs [7] Other Important Information - Free cash flow was positive $3 million for Q4 and positive $5.3 million for the full year [26] - The company ended the year with $59.5 million in cash and no financial debt [26] Q&A Session Summary Question: Cross-sell opportunities and customer segments - Management highlighted that hardware security assurance is a major issue, opening significant cross-sell opportunities across the semiconductor industry [30][31] Question: NXP's increased use of Arteris solutions - Management confirmed that deploying multiple solutions increases average selling prices significantly, especially with the addition of Cycuity [35][36] Question: Strength in royalties and market segments - Management noted that the growth in royalties was due to both customer diversification and strength in various market segments, particularly automotive [37][38] Question: Impact of security acquisition on P&L - Management indicated that approximately $7 million of the projected revenue for 2026 would come from Cycuity, with expectations of breakeven by Q4 2026 [45][46]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $20.1 million, a 30% year-over-year increase and 16% sequential growth, exceeding guidance [20] - For the full year 2025, total revenue was $70.6 million, representing a 22% increase year-over-year [20] - Annual contract value plus royalties hit a record $83.6 million, up 28% year-over-year [21] - Remaining performance obligations (RPO) totaled $117 million, a 32% year-over-year increase, with approximately half expected to be recognized as revenue in 2026 [21] - Non-GAAP gross profit for Q4 was $18.5 million, with a gross margin of 92% [22] - Non-GAAP operating loss for Q4 was $2.2 million, while the full year loss was $12.5 million, an improvement over the previous year [25] Business Line Data and Key Metrics Changes - The company reported a significant increase in variable royalties, which were 50% higher year-over-year, with Q4 setting a new record [20] - The number of large royalty reporters tripled over the last two years, contributing to a balanced mix of customers across vertical markets [20] - FlexGen, an AI-driven smart NoC IP product, saw strong adoption with over 30 production device deployments [11] - Ncore, a cache coherent interconnect IP product, also experienced strength in licensing across various applications [12] Market Data and Key Metrics Changes - The company noted expanding demand for AI-driven semiconductor designs across various markets, including enterprise computing, automotive, and consumer electronics [6] - The number of chiplet projects incorporating Arteris technology has more than tripled over the past two years, indicating strong market growth [15] - The automotive segment remains the largest vertical market, with emerging strength in consumer and aerospace sectors [39] Company Strategy and Development Direction - The acquisition of Cycuity enhances the company's product portfolio by adding cybersecurity assurance products, addressing market concerns about increasing cyberattacks [8][9] - The company aims to leverage its technology to improve hardware security and vulnerability testing across all SoCs, expanding its customer base [10] - Arteris is focusing on supporting semiconductor applications in the AI era, with a strong position in various sectors including autonomous vehicles and industrial automation [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, expecting to report a non-GAAP operating profit as early as Q4 2026 [28] - The company anticipates continued strong demand for its products driven by the rise of AI and the need for efficient data movement in semiconductors [6] - Management highlighted the importance of addressing cybersecurity in semiconductor designs, which is becoming a critical issue in the industry [30] Other Important Information - The company ended the year with $59.5 million in cash and no financial debt, with positive free cash flow of $3 million for Q4 [26] - The guidance for Q1 2026 includes expected ACV plus royalties of $85 million-$89 million and revenue of $20.5 million-$21.5 million [27] Q&A Session Summary Question: Cross-sell opportunities and customer segments - Management indicated that hardware security assurance is a growing issue, and the acquisition opens significant opportunities to enhance system IP value across various semiconductor companies [30][31] Question: NXP announcement and customer interest - Management confirmed that NXP is now using four solutions, indicating increased interest in deploying a full suite of solutions, which could drive average selling prices above $1 million [36] Question: Strength in royalties and market segments - Management noted that the growth in royalties is attributed to both customer diversification and an increase in large royalty reporters across various segments, including automotive and consumer markets [38][39] Question: Impact of security on P&L - Management clarified that approximately $7 million of the projected revenue for 2026 is expected from the Cycuity acquisition, with a slight contribution to operating loss anticipated [47] Question: Equity raising efforts post-acquisition - Management stated that they are in the process of activating an ATM for equity raising, with expectations for small amounts to be raised in the first quarter [49]

Arteris 4Q 2025 Earnings Presentation Charlie Janac CEO Nick Hawkins CFO February 12, 2026 1 © 2026 Arteris, Inc. Disclaimer This presentation and the accompanying oral presentation have been prepared by Arteris, Inc. ("Arteris" or "the "Company") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Arteris or any officer, director, employee, agent or advisor of Art ...

TOKYO (AP) — Japanese technology and telecoms giant SoftBank Group Corp. swung back into profitability in the last quarter of 2025 as its investments in OpenAI and other ventures paid off, the company said Thursday. SoftBank Group reported a 248.6 billion yen ($1.62 billion) profit for the October-December period, a reversal from 369 billion yen in losses racked up in the same quarter a year earlier. Quarterly sales rose 8% to 1.98 trillion yen ($12.9 billion). Tokyo-based SoftBank Group sold its stake ...

Core Insights - Arm reported Q3 FY26 revenue of $1.24 billion, a 26% year-over-year increase, slightly above market expectations of $1.23 billion [4] - Despite a high gross margin of 97.4%, GAAP operating profit was low at $185 million, below the expected $246 million, primarily due to high R&D expenses [3][4] - Management indicated that the growth in data center revenue is expected to surpass mobile revenue in 2-3 years, driven by custom chips for large cloud service providers [10][12] Financial Performance - Revenue: $1.24 billion, up 26% YoY, exceeding the guidance of $1.23 billion [4] - GAAP Gross Margin: 97.4%, a slight increase of 0.4 percentage points YoY, but below the expected 97.7% [4] - GAAP Operating Profit: $185 million, a 6% increase YoY, but below the expected $246 million; GAAP operating margin at 15%, down 3 percentage points YoY [4] - Non-GAAP Net Profit: $457 million, up 10% YoY, exceeding expectations of $438 million; Non-GAAP net margin at 37%, down 5 percentage points YoY [4] Business Segments - License & Other Revenue: $505 million, a 25% YoY increase; 50 Arm Total Access contracts signed, with a 7% annual fee increase [7] - Royalty Revenue: $737 million, a 26% YoY increase, driven by growth in data centers and mobile; data center royalty revenue has doubled YoY [10] Market Outlook - Management expects Q4 revenue of $1.47 billion, an 18% YoY increase, with Non-GAAP net profit projected at $620 million, a 6% increase [12] - Anticipated growth in Royalty revenue in Q4 is expected to be in the low double digits, while License revenue is expected to grow in the high double digits [12] - Management's guidance for FY27 indicates a reasonable expectation of 20% revenue growth [12] Strategic Insights - The demand for server CPUs is being driven by Agentic AI, which aligns with Arm's strengths in energy efficiency [12] - The first generation of CSS royalty fees is significantly higher than previous generations, indicating a potential for increased revenue from new mobile devices [12] - Management expressed concerns about the impact of a potential 20% decrease in mobile shipments on royalty revenue, estimating a 4-6% impact on mobile royalty income [12]