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.
罗森布拉特分析师汉斯·莫斯曼重申了对Arm Holdings Plc（纳斯达克股票代码：ARM）的买入评级，将目标股价从140美元上调至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.
这位分析师最近碰巧来到剑桥，他越来越坚信，随着越来越以人工智能为中心的更具战略性的许可协议的出现，特许权使用费的增长速度正在加快。
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，从目前的中个位数上升到两位数，到本十年末（高于他先前对未来十年初的假设），该模型积极转向了80％以上的特许权使用费。
Also Read: Intel Outlines Future in Foundry and Process Leadership, Analyst Sees Steady Performance
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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
分析师写道，鉴于到本十年末（如果不是更快）长期和特许权使用费的变化约为10％，ARM的市盈倍数支持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.
他说，就像计算GPU中的英伟达公司（纳斯达克股票代码：NVDA）一样，随着人工智能向边缘移动，Arm的技术变得越来越不可或缺。
The analyst noted Arm's earnings power north of $3.00 in fiscal 2026.
这位分析师指出，Arm在2026财年的盈利能力超过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.
华尔街在最近的冲击和上调后正在消化向新的v9架构（v8版税率的两倍）的转变。
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，计算子系统（CSS）计划正在成为一项非常成功的市场推动力，从参与到硅片的时间缩短了多达一年的时间。
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.
分析师称，在前沿节点的前端芯片不断增加（每个节点超过20％）的情况下，硅化时间已成为人工智能加速计划中的关键动态。
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.
一位顶级客户使用 CSS 节省了 80 年的工程时间。CSS 是一款系统就绪套装，与原始 ARM 物理 IP 交付相比，它具有参考软件堆栈、主节点和 RTL 验证和预先调整。
CSS is a mid-single digit royalty rate adder to existing royalty rate levels, Mosesmann said.
摩斯曼说，在现有特许权使用费率水平的基础上，CSS是中等个位数的特许权使用费率。
The analyst does not expect Softbank or ARM to make another offering anytime soon.
分析师预计软银或ARM不会在短期内再次发行。
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.
他对Arm在不加速的情况下运行移动人工智能模型的工作很感兴趣，这表明现有的安卓平台运行在Arm 700系列CPU内核上。
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首席执行官雷内·哈斯作为未来英特尔流程节点支持的合作伙伴应邀登台参加英特尔公司（纳斯达克股票代码：INTC）的铸造活动。
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.
作为英特尔的历史竞争对手，关键的结论是，鉴于未来无处不在，如果没有Arm的支持，英特尔IFS可能就不可能实现。根据分析师的说法，这是杠杆率。
The analyst projects fourth-quarter revenue and EPS of $875 million and $0.30.
该分析师预计第四季度收入和每股收益为8.75亿美元和0.30美元。
Price Action: ARM shares traded higher by 10.50% at $147.40 on the last check Monday.
价格走势：在周一的最后一次支票中，ARM股价上涨了10.50％，至147.40美元。
Also Read: Samsung and Arm's Latest AI Chip Collaboration: A New Era for Mobile Computing
另请阅读：三星和Arm最新的人工智能芯片合作：移动计算的新时代
Photo via Wikimedia Commons
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