尽管距离 50% 的目标仍有差距，但 Arm 在服务器市场的存在感正快速提升。据 Dell'Oro Group 最 新报告显示，2025 年第二季度，Arm CPU 已占据服务器市场的四分之一份额，而一年前这一数字还 仅为 15%。 Dell'Oro 分析师 Baron Fung 向 The Register 表示，这一增长背后的主要推动力，来自英伟达基于 Grace-Blackwell 架构的机架级计算平台（如 GB200 和 GB300 NVL72）的广泛采用。 Grace-Blackwell 平台的驱动作用 每一台功耗达 120 千瓦的 NVL72 系统都配备了 72 枚 Blackwell GPU 与 36 枚 Grace CPU。这些 72 核芯片首次发布于 2022 年，基于 Arm Neoverse V2 架构，并针对数据传输进行了深度优化，充 分利用英伟达定制的 NVLink-C2C 接口。 首批系统在去年底以小规模出货，今年二季度，基于 Blackwell Ultra 架构的升级版本已开始逐步交 付，CoreWeave 等新兴云服务商成为首批客户。需要注意的是，这些系统与英伟达采用英特尔 C ...

Financial Data and Key Metrics Changes - The company reported total revenue of $1,050,000,000 for Q1, marking the highest revenue quarter and the second highest revenue quarter overall [6][12] - Royalty revenue reached $585,000,000, up 25% year on year, with strong momentum across all end markets [6][12] - Licensing revenue was $468,000,000, showing a slight decrease of 1% year on year, as expected [12][13] - Non-GAAP operating profit was $412,000,000, with non-GAAP EPS of $0.35, above the midpoint of guidance [16] Business Line Data and Key Metrics Changes - ARM Neoverse data center chips saw a 40% year-on-year increase in enterprises running AI workloads, now exceeding 70,000 [6] - The compute subsystems (CSS) are driving double the royalty of RMV9, with three new CSS licenses signed this quarter [9][13] - The average contract value (ACV) increased by 28% year on year, significantly above previous expectations [14] Market Data and Key Metrics Changes - The smartphone segment grew faster than the overall market, although growth was slower than anticipated [12][28] - ARM's market share in AI workloads is expected to reach nearly 50% this year, up from approximately 18% last year [7][34] - ARM's China business accounted for 21% of revenue, showing growth from previous quarters [67] Company Strategy and Development Direction - The company is focusing on expanding into full end solutions and exploring opportunities in ASICs and chiplets [20][24] - Continued investment in R&D is prioritized to support customer needs and capitalize on AI demand [10][18] - The company aims to maintain its leadership in AI by leveraging its extensive developer ecosystem of over 22 million developers [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in healthy growth driven by visibility into customer design pipelines and rising demand for custom silicon [18][61] - The ongoing increase in CapEx from hyperscalers is viewed as a strong tailwind for ARM's royalty growth [61] - Management acknowledged potential indirect impacts from macroeconomic conditions but expects limited direct effects on royalty and licensing revenues [16] Other Important Information - The company is seeing significant adoption of its V9 architecture, with royalties stepping up from 18% to 25% [71] - The CSS platforms are expected to deliver the highest royalty rates seen to date, with new deals indicating strong future growth [13][51] Q&A Session Summary Question: ARM's strategy in ASICs and full end solutions - Management indicated that further integration is a direction of travel, with insights into chiplet development and the potential for full solutions [20][24] Question: Royalty growth expectations - Management noted that royalty growth was slightly below expectations due to slower growth in the smartphone sector, but overall forecasts remain stable [28][30] Question: Market share context for Neoverse chips - Management highlighted significant share gains in AI workloads, moving from sub-20% to nearly 50% market share [34] Question: FX impact on EPS - Management expects approximately $0.01 impact on EPS for the next three quarters, with a hedging strategy in place [40][41] Question: ACV drivers - The increase in ACV was driven by new CSS deals and expanded licensing with SoftBank, contributing to a 28% year-on-year growth [49] Question: ARM China business impact - Management stated that ARM's China business continues to grow consistently with the global market, unaffected by recent export controls [66][67] Question: Adoption of ARM V9 - Management confirmed that V9 adoption continues to grow, with royalty rates increasing faster than adoption rates [71] Question: CSS applications in automotive - Management indicated that CSS is well-suited for automotive applications, particularly in ADAS, with strong customer interest [78]

Core Viewpoint - Arm Holdings experienced a significant stock price decline of 44% since reaching a high on January 22, 2025, despite delivering stronger-than-expected results, primarily due to high valuation and economic uncertainties [1][2]. Company Overview - Arm does not manufacture semiconductor chips but develops technology and maintains intellectual property (IP) that is licensed to various companies for chip design and manufacturing [3]. - Major customers include Apple, Qualcomm, Nvidia, Microsoft, Amazon, Alphabet, Samsung, and Taiwan Semiconductor Manufacturing, with Arm holding over 99% market share in mobile application processors [4]. Market Position and Growth Potential - Arm aims to capture a 50% share of the data center CPU market in 2025, a significant increase from 15% in 2024, driven by adoption from major tech companies [5]. - The lower power consumption of Arm's designs has attracted chipmakers like Nvidia and Amazon, who are utilizing Arm's architecture for their custom AI processors [6]. Strategic Initiatives - Arm is involved in the Stargate Project, which anticipates $500 billion investment in AI infrastructure over the next four years, potentially boosting its cloud revenue [8]. - The cloud CPU market was valued at $21 billion at the end of fiscal 2024, with expectations for growth in the current fiscal year [9]. Financial Performance and Valuation - Analysts expect Arm's earnings growth to accelerate following a 26% increase in fiscal 2025, with a significant jump in data center CPU revenue anticipated due to increased licensing deals [9]. - The stock's pullback has made it relatively cheaper, trading at 132 times trailing earnings, down from 205 times at the end of 2024, with a forward earnings multiple of 50 [10]. - The median price target for Arm stock is $177.50, suggesting potential gains of 77% over the next 12 months [11].