ARM 是一项关于 AI 基础设施的看多论点，动力来自版税增长与新的芯片需求，但被垂直整合带来的利润率压力所抵消。
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ARM 的股票在这里应该是另一个大赢家。Nvidia 当前的 Grace CPU 每颗拥有 144 个 ARM 核心，且已有近 250 万颗出货。每一颗都要向 ARM 支付版税。
ARM 的数据中心版税同比增长超过一倍，其自家的服务器芯片——名字恰如其分的 AGI CPU——已经拥有超过 20 亿美元的客户需求，其中 Meta Platforms 是其牵头合作伙伴。
ARM stock should be another big winner here. Nvidia's current Grace CPUs have 144 ARM cores each and almost 2.5 million of them have already shipped. Each one pays ARM royalties. ARM's data center royalties more than doubled year-over-year and their own server chip, the aptly named AGI CPU, already has over $2 billion in customer demand with Meta Platforms as their lead partner.
一个明显的风险是，ARM 现在有了自己的晶圆和制造成本，而这是它在仅向其他公司授权设计时所没有的。因此，其整体利润率自然会下降。
One obvious risk is that ARM now has their own wafer and manufacturing costs that they never had when they only licensed their designs to other companies. So, their overall margins should naturally drop.
AMD、ARM 和 Nvidia 覆盖了 AI 机架内的大部分 CPU。ARM 甚至对 Amazon、Google 和 Microsoft 定制芯片内部的核心收取版税。
AMD, ARM, and Nvidia cover most of the CPUs inside AI racks. ARM even collects royalties on the cores inside the custom chips of Amazon, Google, and Microsoft.
这个频道对 $ARM 的历次判断
Ticker Symbol: YOU 在这只股票上只有这一条判断。