Arm: the toll on every chip, now reaching the datacentre
Bullish on Arm's move into datacentre CPUs, where royalties doubled; low conviction while total royalty growth has stalled.
Q2 FY27 revenue $1.44B (+27%); licences $773M (+50%), a record.
Datacentre royalties doubled; total royalties only ~+8%, guided to low single digits.
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