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+6
ARM: 'Chip Tax' Stalls; Can an AGI CPU Justify the Valuation?
Delegation can't hide the 'chip tax' slowdown
+6ARM
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ARM (Trans): AGI CPU rev. could reach $2bn within 2 yrs
License revenue rose 50% YoY.
The two-year revenue outlook for AGI CPUs was raised to as much as $2.0bn, with first deliveries slated for FY27Q4.However, memory price hikes are pressuring smartphones, so next-quarter royalties are expected to grow only in the low single digits YoY, while leading cloud providers' Arm server share is projected to exceed 60% by year-end.D![CPU 9]()
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Forcing a DSec angle? How Muse can truly unlock CPU demand
On Muse's impact on CPUs, there is a different take circulating on X: 'In a base case, serving 100 mn DAUs requires ~1 GW of power, and only ~0.1 GW comes from the CPU/VM layer.' Depending on how many inference-equivalent model calls each Muse DAU generates per day, 3–4 GW makes complete sense. ...
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Muse goes viral: Is this the CPU's ChatGPT moment?
Meta launched Muse on Sep. 8. Each Muse runs on a dedicated virtual machine, the Muse Secure VM, which stores both the agent and user data. Long-running jobs keep executing even after the app is closed, then re-engage the user when something changes or an approval is needed.
The product went viral, briefly topping the US mobile download charts. For details on Muse and its implications for Meta, see Dolphin Research's take 'Muse goes viral: real inflection or hype peak?'...D![图片 1，共 12 张]()
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+8
ARM: Big Tech Pullback; Is the Sky-High Valuation Cooling?
Arm (ARM) released FY2027 Q1 results in U.S. after-hours trading on the morning of Jul 30, 2026 (Beijing time). The quarter ended Jun 2026.
1) Key metrics: revenue of $1.29bn (+22% YoY), in line with consensus ($1.26bn), driven by growth in both licensing and royalties. GPM was 97.2%, remaining elevated...D![图片 1，共 1 张]()
ARM (Trans): Core biz red-hot; new biz demand surging
Below is Dolphin Research's compiled Trans of $Arm(ARM.US) FY27Q1 earnings call.
Part I: Core financial highlights review.1) Results recap: FY27Q1 revenue was $1.29bn (+22% YoY).
It was the highest quarterly revenue in the company's history.Royalty revenue was $715mn (+22% YoY), while licensing and other came in at $574mn (+23% YoY).
Both set Q1 records. Non-GAAP EPS was $0.45 (+29% YoY)...D![ARM]()
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ARM (Trans): AI CPU to begin contributing revenue by end of next FY; long-term targets unchanged
Below is Dolphin Research's Trans of ARM FY26 Q4 earnings call. For our earnings take, please see 'ARM: short-term volatility can't mask its edge; AI sets a long-term premium?'.
I. $Arm(ARM.US) core takeaways1) Quarterly results (FQ4 FY26): revenue $1.49 bn (+20% YoY), a single-quarter record, beating the midpoint of guidance. License revenue $819 mn (+29% YoY); royalty revenue $671 mn...D![图片 1，共 15 张]()
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ARM: Short-term swings can't mask its edge; AI core underpins a long-term premium?
ARM (ARM.O) reported Q4 FY2026 results (quarter ended Mar 2026) after the US close on May 7 (Beijing time). Key takeaways: (1) Headline metrics: $Arm(ARM.US) posted revenue of $1.49bn (+20% YoY), slightly above consensus at $1.47bn.
The $250mn QoQ uplift on the top line came almost entirely from licensing. GPM was 97.9%, continuing to edge higher...D![ARM]()
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ARM (Trans): Handset exposure limited; FY2027 to sustain 20% growth
Below is Dolphin Research's ARM FY2026 Q3 earnings call Trans. For our detailed read-through, see 'ARM: AI tailwinds intact, but smartphones are the current drag?'.
Key takeaways: 1) Next-quarter guide: revenue of $1.42-1.52bn (mid-point +18% YoY). Within that, licensing is expected to grow at a high double-digit pace (~20% YoY); royalties are guided to low double-digit growth (11-13% YoY).Memory supply is not the main swing factor. The outlook is driven more by seasonality and a tough comp vs. last year...D![图片 1，共 12 张]()
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ARM: AI tailwinds intact; handsets now a drag?
ARM (ARM.O) released its FY2026 Q3 results (quarter ended Dec 2025) after U.S. market close on the morning of Feb 5, 2026 Beijing time. Key takeaways: 1) Metrics:
$Arm(ARM.US) reported revenue of $1.24bn, up 26% YoY, in line with consensus ($1.23bn). Of the $100mn QoQ increase in revenue, most came from royalty growth. GPM was 97.6%, holding above 97%...