Operational ExpensesOperating expenses may remain high over the near-term, presenting unit/opex headwinds.
Smartphone Market ChallengesARM's largest royalty end market, smartphones, continues to see unit headwinds, with management guiding royalty sales growth at the low-end of its prior 10-15% quarter-over-quarter guide.
Strategic UncertaintiesThere is a lack of clarity and detail on Arm's forward strategy, raising investor concerns.