来源：市场资讯 （来源：美股情报站） 在10月1日的交易日，Arm Holdings的股价实现了6.28%的显著上涨，这是该公司连续第三个交易日上 涨，累计涨幅达到7.71%。投资者的关注点正转向Arm在科技行业中的战略布局和创新发展。 尽管RISC-V等新兴竞争对手对Arm构成一定挑战，但由于技术成熟度和生态体系的局限，Arm依然在行 业内保持领先。高通的选择，虽然部分设计仍自主完成，但其对Arm架构的持续采用，无疑是对Arm技 术实力的再次肯定。 从投资角度看，Arm在AI和高性能计算领域的持续投入，以及与高通等主要合作伙伴关系的加强，可能 为其带来长期的增长动能。投资者可关注Arm如何在动态的市场环境中平衡创新与合作，以保持其在行 业中的领先地位。这不仅需要关注公司的技术路线图和市场开拓策略，还需密切留意整个行业的发展趋 势，尤其是新技术的应用进展。 最新的关注点之一是高通与Arm在许可协议纠纷中的法律胜诉，这一判决对Arm Holdings产生了深远的 影响。特拉华州地区法院裁定支持高通，驳回了Arm针对其子公司Nuvia的诉讼请求，使得高通可以继 续在其芯片中使用Arm的架构，而无需额外的授权费用。 ...

Core Viewpoint - Arm has decided to develop its own chips, marking a significant shift from its traditional IP licensing model to a more direct involvement in chip manufacturing [1][3]. Group 1: Arm's Business Model and Market Position - Arm is known for its successful processor architecture, particularly in low-power, high-performance applications, widely used in billions of devices across mobile, embedded systems, and IoT [3][5]. - The company's IP licensing model allows various chip manufacturers to utilize its technology without fear of being "choked," fostering widespread adoption among companies like Xiaomi, MediaTek, and Apple [5][6]. - Arm's neutrality in the semiconductor field has been a key factor in its success, as it has acted as a technology provider without competing directly with its clients [10]. Group 2: Recent Financial Performance and Challenges - Arm's recent financial reports have shown troubling signs, with a 9% lower-than-expected revenue guidance following a record quarter of $1.24 billion in revenue and a 55% net profit growth [9]. - The company's net profit for the first quarter of fiscal year 2026 was $130 million, a 42% year-over-year decline, attributed to slowdowns in its core business areas: data centers, smart vehicles, and consumer electronics [9][11]. - Major clients like Tesla and Qualcomm are moving towards self-developed technologies, which poses a significant threat to Arm's traditional revenue model based on IP licensing [11]. Group 3: Strategic Shift and Market Implications - Arm's decision to enter chip manufacturing is seen as a response to declining revenues and the need to counteract clients who are attempting to bypass its licensing system [11][13]. - This move could lead to a major shake-up in the mobile chip market, potentially disrupting the current dominance of Qualcomm and MediaTek [13].

Core Viewpoint - The article discusses the shift towards RISC-V architecture in the semiconductor industry, particularly in the context of AI computing, as articulated by Wu Xiongang, former CEO of Arm China [1][3][4]. RISC-V's Role in AI - Wu Xiongang emphasizes that RISC-V will play a crucial role in AI architecture, predicting a steep adoption curve over the next five years [3][4]. - He draws parallels between the rise of RISC-V and the historical growth of Arm, suggesting that AI is the "smartphone" moment for RISC-V [7][8]. Industry Insights - The article highlights feedback from former Arm colleagues who have transitioned to RISC-V companies, indicating a growing interest in the architecture [5]. - Wu Xiongang notes that the current AI computing landscape requires new architectures due to the evolving nature of data and applications, which cannot rely on traditional architectures like x86 or Arm [7][8]. Customization and Openness - Aniket Saha, a former Arm employee, supports the notion that AI computing needs an open architecture, which RISC-V provides, allowing for customization and faster innovation [10][11]. - The article discusses the limitations of Arm's proprietary architecture, which can slow down innovation due to its rigid control over design and licensing [12][13]. CoreLab and Tenstorrent Collaboration - Wu Xiongang's new venture, CoreLab, focuses on providing customized processor IP solutions based on RISC-V, aiming to address the challenges in productization and market entry [14]. - The partnership with Tenstorrent is highlighted as a strategic move to develop high-performance RISC-V CPUs, with plans to launch the fastest RISC-V CPU by 2027 [15][16]. Ecosystem Development - Wu Xiongang reassures that concerns about the immaturity of the RISC-V ecosystem are unfounded, drawing comparisons to Arm's early days when it was also considered underdeveloped [17]. - The article concludes with optimism about the upcoming turning point for RISC-V in the next five years, driven by the collaborative efforts of industry leaders [18].

Core Insights - The article emphasizes that Arm is transitioning from being an architecture provider to a key player in shaping the "AI computing paradigm" as major tech companies migrate their AI platform architectures to Arm [1][16]. Group 1: AI and Edge Computing - The feasibility of edge AI has been validated, with over 150 foundational models emerging in the past 18 months, enabling AI deployment on devices like smartphones and robots [3][4]. - Arm's architecture is gaining traction due to its low power consumption and high efficiency, with approximately 70% of AI workloads still relying on CPUs, highlighting the importance of Arm in AI inference processes [4][5]. Group 2: Data Center and Cloud Services - Arm predicts that by 2025, nearly half of the computing power shipped to major cloud service providers will be based on Arm architecture, reflecting its growing acceptance in the data center market [7][9]. - The energy demands of AI are reshaping data center designs, with Arm's architecture offering up to 40% energy efficiency improvements compared to other platforms, making it a preferred choice for cloud service providers [7][9]. Group 3: Hardware and Software Integration - Arm's introduction of the "Compute Subsystem" (CSS) aims to enhance performance and reduce costs across various markets, including cloud and consumer electronics [10][11]. - The Kleidi software library, with over 8 billion installations, has become a key driver for accelerating AI workloads and has integrated with major AI frameworks, fostering a positive feedback loop between hardware and software [11][12]. Group 4: Future Developments - Arm is set to release its next flagship CPU, code-named Travis, which will further enhance IPC performance and introduce scalable matrix extensions for AI workloads [12][15]. - Although Arm has not yet entered the data center GPU market, its influence in edge computing and automotive sectors is growing, positioning it as a significant player in the AI landscape [15][16].