Arm Is Strategically Shifting Towards AI, Increased Royalties - Analyst Forecasts
Arm Is Strategically Shifting Towards AI, Increased Royalties - Analyst Forecasts
Rosenblatt analyst Hans Mosesmann reiterated a Buy rating on Arm Holdings Plc (NASDAQ:ARM), raising the price target from $140 to $180.
羅森布拉特分析師漢斯·莫斯曼重申了對Arm Holdings Plc（納斯達克股票代碼：ARM）的買入評級，將目標股價從140美元上調至180美元。
The analyst happened to be in Cambridge recently and came away with increased conviction that royalty trends are rising at a faster clip on the heels of more strategic licensing engagements that are increasingly AI-centric.
這位分析師最近碰巧來到劍橋，他越來越堅信，隨着越來越以人工智能爲中心的更具戰略性的許可協議的出現，特許權使用費的增長速度正在加快。
Mosesmann noted double-digit rates, up from the current mid-single digits, hitting the model by the end of the decade (up from his previous assumption of early next decade), shifting the model aggressively to over 80% royalties.
莫斯曼指出，從目前的中個位數上升到兩位數，到本十年末（高於他先前對未來十年初的假設），該模型積極轉向了80％以上的特許權使用費。
Also Read: Intel Outlines Future in Foundry and Process Leadership, Analyst Sees Steady Performance
另請閱讀：英特爾概述了鑄造和工藝領導力的未來，分析師認爲表現穩定
ARM's P/E multiple is supportive of 50%+ levels given secular and royalty shifts at ~10% by the end of the decade, if not sooner, the analyst writes
分析師寫道，鑑於到本十年末（如果不是更快）長期和特許權使用費的變化約爲10％，ARM的市盈倍數支持50％以上的水平
He said that, like Nvidia Corp (NASDAQ:NVDA) in computing GPUs, Arm's technology is becoming more indispensable as AI moves to the Edge.
他說，就像計算GPU中的英偉達公司（納斯達克股票代碼：NVDA）一樣，隨着人工智能向邊緣移動，Arm的技術變得越來越不可或缺。
The analyst noted Arm's earnings power north of $3.00 in fiscal 2026.
這位分析師指出，Arm在2026財年的盈利能力超過3.00美元。
The move to the new v9 architecture (2x the royalty rate of v8) is by the Street being digested after the recent beat and raise.
華爾街在最近的衝擊和上調後正在消化向新的v9架構（v8版稅率的兩倍）的轉變。
In addition, the computing subsystem (CSS) program is becoming an incredibly successful market thrust that shaves off as much as a year from engagement to silicon.
此外，計算子系統（CSS）計劃正在成爲一項非常成功的市場推動力，從參與到硅片的時間縮短了多達一年的時間。
Time-to-silicon has become a crucial dynamic on AI accelerated schedules amidst increasing front-end silicon at leading-edge nodes (over 20% per node), per the analyst.
分析師稱，在前沿節點的前端芯片不斷增加（每個節點超過20％）的情況下，硅化時間已成爲人工智能加速計劃中的關鍵動態。
A top-tier customer saved 80 engineering years with CSS. CSS is a system-ready bundle with reference S/W stack, lead node, and RTL validated and pre-tuned vs. raw ARM physical IP delivery.
一位頂級客戶使用 CSS 節省了 80 年的工程時間。CSS 是一款系統就緒套裝，與原始 ARM 物理 IP 交付相比，它具有參考軟件堆棧、主節點和 RTL 驗證和預先調整。
CSS is a mid-single digit royalty rate adder to existing royalty rate levels, Mosesmann said.
摩斯曼說，在現有特許權使用費率水平的基礎上，CSS是中等個位數的特許權使用費率。
The analyst does not expect Softbank or ARM to make another offering anytime soon.
分析師預計軟銀或ARM不會在短期內再次發行。
He is intrigued by Arm's work on running mobile AI models without acceleration, which points to existing Android platforms running on Arm 700 series CPU cores.
他對Arm在不加速的情況下運行移動人工智能模型的工作很感興趣，這表明現有的安卓平台運行在Arm 700系列CPU內核上。
Quite interestingly, Arm CEO Rene Hass was invited on stage for the Intel Corp (NASDAQ:INTC) Foundry event as a partner for future Intel process node support, Mosesmann flagged.
莫斯曼表示，有趣的是，Arm首席執行官雷內·哈斯作爲未來英特爾流程節點支持的合作伙伴應邀登臺參加英特爾公司（納斯達克股票代碼：INTC）的鑄造活動。
As a historical competitor for Intel, the critical takeaway is that the Intel IFS is likely impossible without Arm support, given the ubiquity going forward. This is leverage per the analyst.
作爲英特爾的歷史競爭對手，關鍵的結論是，鑑於未來無處不在，如果沒有Arm的支持，英特爾IFS可能就不可能實現。根據分析師的說法，這是槓桿率。
The analyst projects fourth-quarter revenue and EPS of $875 million and $0.30.
該分析師預計第四季度收入和每股收益爲8.75億美元和0.30美元。
Price Action: ARM shares traded higher by 10.50% at $147.40 on the last check Monday.
價格走勢：在週一的最後一次支票中，ARM股價上漲了10.50％，至147.40美元。
Also Read: Samsung and Arm's Latest AI Chip Collaboration: A New Era for Mobile Computing
另請閱讀：三星和Arm最新的人工智能芯片合作：移動計算的新時代
Photo via Wikimedia Commons
照片來自維基共享資源