Core Insights - Arm's presence in the server market is rapidly increasing, with its CPU market share reaching 25% in Q2 2025, up from 15% a year prior [1] - The growth is primarily driven by the widespread adoption of Nvidia's Grace-Blackwell architecture-based computing platforms [1][2] Group 1: Grace-Blackwell Platform Impact - Each NVL72 system, consuming 120 kW, is equipped with 72 Blackwell GPUs and 36 Grace CPUs, optimized for data transfer using Nvidia's custom NVLink-C2C interface [2] - The initial systems were shipped in small quantities at the end of last year, with upgraded versions based on Blackwell Ultra architecture starting delivery in Q2 this year [2] - Arm's server market share previously relied heavily on custom cloud chips like AWS Graviton, but now revenue from Grace is comparable to cloud GPUs [2] Group 2: Cloud Vendors and Arm's Strategy - AWS has invested in custom Arm chips since 2018, while Microsoft and Google have recently launched their own Arm CPUs, Cobalt and Axion, respectively [3] - Despite rapid progress, Arm's 25% market share is still significantly below the 50% target set for the end of 2025 [3] Group 3: Future Outlook - Arm's market share is expected to continue growing, with Nvidia developing a new Arm CPU codenamed Vera and Qualcomm and Fujitsu advancing their next-generation server chips [4] - Arm's ambitions extend beyond the server market, with predictions that by 2029, half of all Windows PCs sold globally will be powered by Arm chips [4] Group 4: Market Growth Driven by AI - The server and storage component market is projected to grow by 44% year-on-year by Q2 2025, driven by AI investment expansion [5] - Sales of SmartNICs and Data Processing Units (DPUs) have nearly doubled, benefiting from the trend of AI clusters migrating to Ethernet architectures [5] - Custom AI ASIC shipments have reached parity with GPUs, although GPUs still dominate revenue in the accelerator market [5]

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