>What is there to build without ARMs designs? x86 or RISC-V. None the less you're implying something I want to clarify, Apple, Broadcom and Qualcomm for their premium SoCs (M4/8 elite) license the ISA -- through something called an ALA (Architecture license agreement). That is they license to use the "ARM language" to put it in human terms. Arm makes limited money on these agreements because the companies are not using an IP from the company -- just the rights to use their language. Alternatively Mediatek and a few others (including some lower teir SoCs from Qualcomm/Broadcom) use a TLA (Technical license agreement). Here the companies buy some IP like the CPU core and some back-end bus/interconnect/memory-management IP and integrate that into their SoC. This is where Arm can make more money. But, many companies are going the ALA route as Arm's TLA cores and IP haven't been very competitive compared to the CPU design teams out of Apple. That is why Qualcomm bought Nuvia to pay smaller royalties and have better/more control of their CPU cores and backend memory IP. Arm is trading where it is because people don't understand what their business model is. They hear Rene Haas say "ARM IS IN DATACENTER!!!!" which is true, but they're getting like a dollar of ALA licensing fees per GPU, and like 4 dollars per datacenter CPU. Meanwhile AMD and Nvidia are selling their GPUs for what like $150k a pop? My point is there is better places to allocate your money than significantly overpriced Arm.

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