Financial Data and Key Metrics Changes - The company reported revenue of $1.14 billion for Q2, representing a 34% year-on-year increase, marking the third consecutive billion-dollar quarter [4][11] - Royalty revenue reached a record $620 million, up 21% year-on-year, driven by growth across all major markets [4][11] - Licensing revenue increased by 56% to $515 million, reflecting strong demand for next-generation architectures [4][13] - Non-GAAP operating income was $467 million, up 43% year-on-year, resulting in a non-GAAP operating margin of 41.1% [15] - Non-GAAP EPS was $0.39, exceeding the midpoint of guidance by 6 cents [15] Business Line Data and Key Metrics Changes - Royalty revenue from smartphones grew significantly faster than the market, driven by higher royalty rates per chip [12] - Data center royalties doubled year-on-year due to the deployment of Arm-based chips by hyperscaler companies [12] - The company signed three new compute subsystem (CSS) licenses, bringing the total to 19 across 11 companies, indicating strong demand for CSS [7][14] Market Data and Key Metrics Changes - The company noted unprecedented compute demand, particularly in data centers, where Neoverse royalties more than doubled year-on-year [4][21] - The automotive sector saw advancements with Arm's technologies, including Tesla's next-generation AI chip delivering up to 40x faster AI performance [9] - The software developer ecosystem has grown to over 22 million, representing over 80% of the world's developer base, which is a significant growth engine for the company [9] Company Strategy and Development Direction - The company announced a strategic partnership with Meta to enhance AI efficiency across various compute layers [6] - There is a focus on expanding into additional compute subsystems, chiplets, or complex SOCs to capture growing AI opportunities [10] - The company is committed to investing aggressively in R&D to support customer demand and innovation in next-generation architectures [10][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted that power has become a bottleneck in data centers, emphasizing the efficiency of Arm's compute platform [20] - The demand for compute is expected to grow, particularly as AI workloads transition from cloud to edge devices [61] - The company remains optimistic about long-term growth, driven by the increasing demand for efficient compute solutions [16][71] Other Important Information - The company is exploring the acquisition of DreamBig Semiconductor to enhance its offerings in high-speed communications technology [24] - The relationship with SoftBank and its partners is seen as a significant opportunity for technology integration in data center solutions [27] Q&A Session Summary Question: AI opportunity and data center deals - Management expressed confidence in Arm's strategic positioning in the AI market, noting that power efficiency is a key advantage [20][21] Question: Acquisition of DreamBig Semiconductor - The acquisition is aimed at enhancing Arm's capabilities in Ethernet and RDMA controllers, crucial for data center networking [24] Question: Related party revenue and SoftBank relationship - Management indicated a significant increase in related party revenue, with a strong partnership with SoftBank providing opportunities for technology integration [26][36] Question: Operating expenses and future product announcements - Management stated that details on new products will be shared once certain milestones are achieved, emphasizing careful management of operating expenses [30][32] Question: SoftBank contribution and licensing pipeline - Management noted a $52 million increase in SoftBank-related revenue, with confidence in the licensing pipeline for the remainder of the year [36][66] Question: Revenue opportunity from Stargate and Lumex CSS - Management highlighted strong demand for compute and early royalty revenues from Lumex CSS, indicating faster adoption than expected [44][46] Question: Growth in data center royalty revenues - Management confirmed that the mix of royalty revenues from cloud and networking is expected to increase, potentially reaching 15-20% [52][53] Question: Chip demand and inference world implications - Management anticipates a shift from cloud-based training to edge-based inference, which will drive demand for Arm's solutions [60][61] Question: Performance in China - Management reported strong demand in China, with licensing being a significant driver of revenue growth in the region [65][66]

Design & Durability - Google Pixel 10 Pro Fold 将推出两种新颜色 [1] - 该设备采用更耐用的设计和新型无齿轮铰链 [1] - 该设备首次实现 IP68 级防尘防水 [1] Display & Multitasking - 外部显示屏更大，边框更小 [1] - 内部显示屏为 8 英寸 Super Actua Flex 显示屏，峰值亮度高达 3000 尼特 [1] - 支持分屏，可控制窗口大小，并支持在应用程序之间拖放文件 [1] Performance & Battery - 采用全新的 Tensor G5 芯片 [1] - 配备可折叠设备中最大的电池 [1] Cameras & AI - 配备新的 48MP 广角摄像头 [1] - 具有 Instant View 功能，可在取景器旁边查看照片 [1] - 具有 Camera Coach 和 Magic Cue 等 AI 功能 [1] - 包含一年的 Google AI Pro [1]

Meet the brand new Google #Pixel10 Pro XL 🎨 UI & Design - Latest Android UI: Material 3 Expressive - New colors for the Pixel 10 - A brighter display on the Pixel 10 🚀 Performance & Hardware - The new Tensor G5 chip - Pixelsnap, a built-in magnetic system for Qi2 chargers and accessories - Up to 25W fast wireless charging on the Pixel 10 Pro XL 📸 Cameras - A 5x telephoto lens on the base Pixel 10 for the first time - Super Res Zoom up to 20x on the Pixel 10 - A new triple rear camera system on Pro models (5 ...

Meet the brand new Google #Pixel10 Pro XL 🎨 UI & Design - Latest Android UI: Material 3 Expressive - New colors for the Pixel 10 - A brighter display on the Pixel 10 🚀 Performance & Hardware - The new Tensor G5 chip - Pixelsnap, a built-in magnetic system for Qi2 chargers and accessories - Up to 25W fast wireless charging on the Pixel 10 Pro XL 📸 Cameras - A 5x telephoto lens on the base Pixel 10 for the first time - Super Res Zoom up to 20x on the Pixel 10 - A new triple rear camera system on Pro models (5 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **AI semiconductor industry**, focusing on **NVIDIA** and its supply chain dynamics, particularly regarding the **H20 chip** and its implications for the broader market. Core Insights and Arguments 1. **NVIDIA's H20 Chip Production**: - NVIDIA is expected to halt H20 chip production due to China's restrictions on purchases, despite receiving US government approval to resume sales. The CEO emphasized that the H20 chip does not have security backdoor access [2][12] - The forecast for H20 GPU modules has been cut, and server assembly for H20 HGX servers has been halted [2] 2. **Demand for Alternative Chips**: - There is emerging interest from Chinese customers in NVIDIA's B40 chip, which uses GDDR7 instead of HBM, with a forecast of 2 million units demand this year and 5 million next year [2] 3. **AI Factory Token Output Analysis**: - The potential annual profits of a 100MW AI Factory at a price of $0.2 per million tokens have been refined, incorporating new trends in AI inference and adjustments in networking bandwidth assumptions [3] - At a price of $0.3 per million tokens, most chips running Llama 4 400B with MoE can generate profit, including AMD's older generation chip MI300 [3] 4. **AI Inference Demand Growth**: - Monthly token output processed by major cloud service providers (CSPs) indicates strong growth in AI inference demand, with China's token consumption reaching 30 trillion daily by June 2025, a 300x increase from early 2024 [14] - Google processed over 980 trillion tokens in July 2025, doubling from May 2025 [14] 5. **NVIDIA's Market Position**: - NVIDIA's GB200 NVL72 pod continues to show performance dominance in AI inference, driven by its computing power and robust software ecosystem [48] - The company is expected to be conservative regarding supply and China-related variables, with significant revenue potential from China still uncertain [12] 6. **Profitability Estimates for AI Factories**: - A 100MW AI factory could generate approximately $1.28 billion in annual revenue and $722 million in profit at $0.2 per million tokens, with profit margins around 52% [51] - At $0.3 per million tokens, the annual revenue could rise to $1.91 billion with profits of $1.36 billion, yielding a profit margin of approximately 68% [51] Other Important Insights - **Technological Developments**: - The Tensor G5 chip used in Google's Pixel 10 is manufactured using TSMC's 3nm process, indicating advancements in smartphone technology [4][19] - Google introduced several AI features in its new Pixel 10 lineup, which may influence the smartphone market in China and trigger a replacement cycle in 2026 [19] - **Market Sentiment**: - There is a shift towards more optimistic sentiment regarding AI semiconductors, with some analysts projecting October revenue for the sector at $52.5 billion, with potential upside [11] - **Challenges and Limitations**: - The research acknowledges limitations in estimating real-world performance versus theoretical models, emphasizing the dynamic nature of AI inference workloads and the complexities involved in quantifying various performance metrics [58] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the AI semiconductor industry, particularly focusing on NVIDIA and its competitive landscape.

Product Innovation - Pixel 10 Pro Fold features a new gearless hinge and IP68 dust and water resistance [1] - The device boasts a larger outer display and an 8-inch Super Actua Flex display with up to 3000 nits peak brightness [1] - A new 48-megapixel wide camera is included, along with ultrawide and telephoto cameras [2] - The device is powered by the all-new Tensor G5 chip and the biggest battery on a foldable device [3] - It supports more efficient Qi2 wireless charging and new magnetic Pixelsnap accessories [3] Software and AI Features - Split Screen now offers control over window size, and Drag and Drop facilitates media file transfer between apps [1][2] - Pixelsnap is built-in for efficient wireless charging [3] - New AI features include Camera Coach (using Gemini models) and Magic Cue [3] - Users get a year of Google AI Pro, providing access to new AI features [4]