Forward StrategyThere is a lack of clarity and detail on Arm's forward strategy, raising investor concerns.
Operating ExpensesThe company's cost structure seems to be undergoing a major change, with management guiding meaningfully higher OpEx to support new opportunities.
Smartphone MarketARM's largest royalty end market, smartphones, continues to see unit headwinds, and management now guides royalty sales growth at the low-end of its prior 10-15% quarter-over-quarter guide.