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Arm一直被号称芯片界的"瑞士军刀"，统治着嵌入式领域，然而，该公司的战略视野显然未曾局限于此，关于Arm造芯的传闻也连绵不绝。 而在昨天，Arm首席执行官René Haas明确表态，公司官宣正开发自有芯片。这标志着Arm长期以来"向其他企业授权芯片设计蓝图"的核心模式发生重大转 变。 从CSS到自研芯片 Haas向外媒表示，成品芯片是Arm已经销售的名为计算子系统（CSS）的产品的"物理体现"。"我们有意识地决定投入更多资金——（在）超越（设计）和 构建某些东西、构建Chiplets（小芯片）甚至可能的解决方案的可能性上。" Arm探索自研芯片的动作早有迹可循。近年来，Arm一直在推动半定制化IP整合服务，通过"计算子系统（CSS）"平台，结合高利润率新产品、提高单芯 片版税等方式扩大收入、提升利润，而自研芯片直接销售客户，或是这一方向的延伸。 2024年12月，Arm与高通的技术授权诉讼庭审中，高通指控Arm通过提供客户端、数据中心处理器等领域的CSS服务，存在与客户竞争的嫌疑。当时高通 法律团队还出示了Haas给Arm董事会的文件，显示Arm正考虑直接设计芯片销售给客户，这将使其成为高通等客户的主要竞争 ...

Core Viewpoint - ARM's Q1 FY2026 earnings call highlighted significant growth in cloud computing, with over 70,000 enterprises running AI workloads on Arm Neoverse data center chips, a 40% year-over-year increase, and a 14-fold increase since 2021. The company's market share in large-scale data centers is expected to approach 50% this year, up from approximately 18% last year [1][4]. Cloud Computing - ARM is developing many small chips (chiplets) based on its intellectual property (IP) and is evaluating the feasibility of expanding beyond existing platforms into more subsystems and complete solutions [1][2]. - The growth in ARM's market share in large-scale data centers is driven by its ability to capture general workloads from x86 and dominate AI workloads with integrated Arm designs [4][6]. Financial Performance - The company's royalty revenue grew by 25%, slightly below the previous quarter's expectations of 25%-30%, primarily due to slower-than-expected growth in the smartphone segment [3][11]. - ARM's Q1 revenue from China accounted for 21%, an increase from 15% in the previous quarter and 14% year-over-year, aligning with global growth trends [1][13]. Strategic Developments - ARM is positioned uniquely to provide solutions across a wide range of devices, from small devices to large data centers, and is exploring further integration in its ASIC and complete terminal solutions strategy [2][10]. - The second generation of CSS (Compute Subsystem) transactions is expected to have royalty rates exceeding 10%, indicating potential for further revenue growth [8][11]. Market Dynamics - The increase in capital expenditures by large enterprises is expected to positively impact ARM's royalty revenue from existing ASIC designs and long-term CSS licensing opportunities [11]. - ARM's Chinese market is developing in sync with global trends, with no significant impact from recent GPU export controls [12][13]. Future Outlook - ARM's confidence in its market share growth beyond 50% is supported by its customizable architecture and the increasing adoption of AI in data centers [6][11]. - The company is actively pursuing opportunities in the automotive sector, particularly in ADAS applications, which are expected to drive future growth [16].