Arms and the son
今日要聞：
焦點： Arms and the Son
市場最新動態：Action Jackson, Poor Top-10%-ers；中國冷場的遊戲；瘋狂市場：ARS和BTC
MoneyFitt解釋： 國際貨幣基金組織
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SoftBank has reportedly acquired the 25% stake in Arm Ltd that it doesn't already own from its Vision Fund unit in a deal valuing the chip designer at $64bn. This is suspiciously close to exactly double the $32bn that SoftBank's mercurial billionaire founder Masayoshi Son paid for it in 2016, implying compound appreciation of about 10.5% a year. This is almost exactly what the S&P 500 has produced but streets ahead of the FTSE-100 -- where Arm had been the 12th-largest constituent -- which gained next to nothing over the same period. (The Son-controlled Vision Fund bought the stake at the same valuation a year later, so its CAGR will be higher.) One barely-arms-length transaction of whatever size is not, of course, a reliable guide to market or IPO valuations.
- Image credit: Harry Potter and the Sorcerer's Stone (2001) / Warner Bros. via Tenor
..... ▷ Details will be disclosed on Monday when Arm files for its Nasdaq launch. The move eliminates an "overhang" for Arm's stock after the IPO, as the Vision Fund had planned to sell its stake over time following the listing, while SoftBank has indicated that it will remain a long-term strategic investor. This acquisition is also seen as a victory for the Vision Fund's major investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala, and may boost their direct support for the IPO. Arm is, a bit unhelpfully, also expected to report a revenue decline of about 1% in the year ended March in the IPO filing, according to Bloomberg, on shrinking demand in all the major markets for chips other than AI (i.e. smartphones, PCs and data centres). Sales for the quarter ended June 30 fell 2.5% to $675mn.
..... ▷ Despite the valuation at $64bn for SoftBank's purchase, Arm still faces challenges in securing a premium valuation, hence Son's personal drive to lock in as anchor investors prominent semiconductor users such as 亞馬遜 以及蘋果，以及像英特爾和其他製造晶片的客戶 英偉達在2022年，英偉達被反壟斷監管機構阻止以現金和股份以400億美元的估值收購Arm，這將是有史以來最大的晶片製造商交易。英偉達CEO張伯倫當時表示 ，"我們的結合將創造一家在人工智能時代占有絕佳位置的公司。"，"我們的結合將創造一家在人工智能時代占有絕佳位置的公司。"
..... ▷ 除了英偉達在不到18個月前對該公司的估值低於三分之一外，Arm還面臨成熟的智能手機市場，坦率地說，在人工智能方面的參與略微周邊(即用於CPU，而不是GPU)，不論黃先生說什麼。而且競爭正在加劇，中國正開發一個名為RISC-V的開源架構，這是對Arm設計的替代方案 精簡指令集電腦(RISC-V)，一個對Arm設計的開源架構替代方案正在中國開發(隨著首個 RISC-V筆記本電腦 最近已交貨），蘋果正在創建他們自己的芯片核心，並僅向Arm支付更便宜的“架構”許可。
- 封面圖片：意法半導體為惠普生產的惠普PSC-1315打印機中的一個Arm處理器。由Socram8888創建，CC BY 2.0， https://commons.wikimedia.org/w/index.php?curid=4633385
愛爾蘭劇作家喬治·伯納德·肖的《Arms and the Man（1894年）是一部諷刺浪漫關於戰爭和英雄主義的流行喜劇，背景設定在塞爾維亞-保加利亞戰爭中，故事中有一名雇傭兵、一位天真理想主義者和她那位相當愚蠢的未婚夫。在那齣戲與今天有點勉強的焦點文章標題之間存在著一種類比，這篇文章支持私募股權老闆、股票市場上市或人工智能晶片製造商。請寄明信片回答。
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#財經 #投資 #業務 #通訊 #蘋果 #亞馬遜 #軟銀 #人工智能
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MoneyFitt Ka-ming 樓主 : ARM 最初是橡子 RISC 機器（「簡化指令集計算」）的首字母縮寫，以父母橡子計算機命名，一家英國計算機公司在 20 世紀 80 年代，有人說比它的美國競爭對手更先進的技術先進（猜猜誰），但不太成功，並且已經消失在世紀之交。它被更名為高級 RISC 機器時，形成與 VLSI 和蘋果合資公司（是的，這是他們），誰不希望他們當時的競爭對手的名字在它。