An ex nvidia employee is now the CEO. The old CEO stepped down. They announced an IPO, all in the same day.
Isn’t it clear? Nvidia won’t buy ARM, they will just buy majority shares and have voting power on the board, on top of the ex nvidia CEO. They own it.
"...
Departing CEO Segars was one of Arm’s first employees and worked his way up through the ranks to take the top job in 2013. His mandate from SoftBank chief Masayoshi Son was to grow Arm as quickly as possible, focusing on hiring and adding new capabilities rather than on the bottom line. That gave him license to report losses that would have incurred the wrath of public investors focused on quarterly reports.
Now, as Arm gears up for an IPO early next year, Haas will have to chart a more careful balance between spending for growth and improving profitability. Many of his CEO peers have complained about wage inflation amid a war for talent among not only traditional chipmakers but companies such as Apple and Google that are ramping up their internal custom silicon efforts.
Haas said that he’s already been making decisions — such as cutting less important business lines — that are consistent with the discipline shown by a publicly-traded company. Despite the uncertainties around its future that have been lurking for the past year and a half, the company is much bigger and more successful than it was when it was bought by SoftBank. ... "
Arm CEO Rene Haas has a formidable to-do list to go with his new job.
fortune.com
Highly likely that Segars doesn't want Arm to radically change directions. Also highly likely that Softbank is throwing a large stack of pre-IPO shares at Haas to cook up whatever possible to juice up the IPO. ( throwing long term Arm licensees under bus. Sure. ). Just juice the books so can crank out a high enough IPO price.
Arm revenues radically changed since 2017 ... not really .
https://www.statista.com/statistics/1132064/arm-quarterly-net-sales-worldwide/#:~:text=by quarter,-Published by&text=In the third quarter of,of the 2020 fiscal year.
[. Some historical perspective before Softbank was ever on the scene at all.
Softbank did little that was super impressive in terms of growth given the chip demand surge going on at the last couple of years.
This guy has barely been CEO any time at all is already talking up the hype. The leaving CEO has alreay seen what happens when the Arm stock price hype train gets too hot.
]
If both Qualcomm and Ampere both go to architectural licenses implementations in 2023 in a big way Arm's revenues are going get a temporary bump and then fall as they move away from average selling price. X1/X2/X3 and Neoverse cores respectively. If Nvidia ramps up their custom core work they'll buy less high average selling price stuff also. Apple is already minimal seeking their payments.
RISC-V is eating up the storage drive CPU business ( WD is on its way to dropping out) ( Haas is probably dumping some of those products that are getting eaten up anyway).
Nvidia isn't going to buy up most of the shares to control the board ( that has the exactly the same regulatory problems ). Nvidia also wrote a big check to iicense a bunch of stuff in addition to that break up fee. If they bought an "all you can eat" license they don't necessarily need the board or a giant chunk of Arm overpriced stock.