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2021-06-17

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Qualcomm's Interest in Arm Reveals Its Greatest Fear<blockquote>高通对Arm的兴趣暴露了其最大的恐惧</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":161809351,"tweetId":"161809351","gmtCreate":1623914874373,"gmtModify":1634025928295,"author":{"id":3583115065771135,"idStr":"3583115065771135","authorId":3583115065771135,"authorIdStr":"3583115065771135","name":"bigjosh","avatar":"https://static.tigerbbs.com/dc2bdb60764a0c5da0dca6883c483fb4","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Wow</body></html>","htmlText":"<html><head></head><body>Wow</body></html>","text":"Wow","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/161809351","repostId":1134645853,"repostType":4,"repost":{"id":"1134645853","kind":"news","pubTimestamp":1623910922,"share":"https://www.laohu8.com/m/news/1134645853?lang=zh_CN&edition=full","pubTime":"2021-06-17 14:22","market":"us","language":"en","title":"Qualcomm's Interest in Arm Reveals Its Greatest Fear<blockquote>高通对Arm的兴趣暴露了其最大的恐惧</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134645853","media":"Motley Fool","summary":"It doesn't want NVIDIA to become the gatekeeper of mobile chip designs.\nQualcomm's (NASDAQ:QCOM) inc","content":"It doesn't want NVIDIA to become the gatekeeper of mobile chip designs.<blockquote>它不希望英伟达成为移动芯片设计的看门人。</blockquote> Qualcomm's&nbsp;(NASDAQ:QCOM)&nbsp;incoming CEO, Cristiano Amon, recently toldThe Telegraphhis company would be interested in buying a stake in Arm Holdings with a consortium of other investors if regulators block&nbsp;NVIDIA's&nbsp;(NASDAQ:NVDA)$40 billion bid for the chip designer.<blockquote>Qualcomm（纳斯达克：QCOM）即将上任的首席执行官Cristiano Amon最近告诉电讯报如果监管机构阻止，他的公司将有兴趣与其他投资者组成的财团一起购买Arm Holdings的股份英伟达（纳斯达克股票代码：NVDA）出价400亿美元收购这家芯片设计公司。</blockquote> Amon suggested the consortium could make that investment if&nbsp;Softbank&nbsp;(OTC:SFTB.Y)&nbsp;spins off Arm, which it acquired in 2016, in an IPO. In a statement, NVIDIA dismissed Qualcomm's suggestion and declared that taking Arm public again would throttle its development of new chip designs.<blockquote>阿蒙表示，如果出现以下情况，该财团可以进行这项投资：软银（场外交易代码：SFTB.Y）在IPO中分拆了2016年收购的Arm。英伟达在一份声明中驳回了高通的建议，并宣称让Arm再次上市将扼杀其新芯片设计的开发。</blockquote> Qualcomm's statement marks a continuation of its protests against NVIDIA's takeover of Arm, which was initially announced last September. Let's see why Qualcomm desperately wants to keep Arm out of NVIDIA's hands, and why its desire to buy a stake in Arm also reveals its greatest fear.<blockquote>高通的声明标志着其继续抗议英伟达收购Arm，该收购最初于去年9月宣布。让我们看看，为什么高通拼命想让Arm远离英伟达之手，为什么它想入股Arm也透露出它最大的恐惧。</blockquote> <img src=\"https://static.tigerbbs.com/7fb54ba8f872a3051efd3f32259d63bc\" tg-width=\"2000\" tg-height=\"1125\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Reviewing Qualcomm's weaknesses<blockquote>回顾高通的弱点</blockquote> Qualcomm is one of the world's largest producers of&nbsp;mobile chips&nbsp;and baseband modems. It also owns the largest portfolio of cellular patents. In the earlier days of smartphones, Qualcomm comfortably dominated the mobile chip market with its Snapdragon SoCs (systems on chips), which bundle together application processors, GPUs, and modems. Its licensing business also collected royalties from every smartphone maker worldwide -- even those that didn't use Qualcomm's chips.<blockquote>高通是全球最大的移动芯片和基带调制解调器生产商之一。它还拥有最大的细胞专利组合。在智能手机的早期，高通凭借其Snapdragon SoC（片上系统）轻松主导了移动芯片市场，该SoC将应用处理器、GPU和调制解调器捆绑在一起。其授权业务还向全球每家智能手机制造商收取版税——甚至是那些不使用高通芯片的制造商。</blockquote> But over the past year, Taiwanese chipmaker&nbsp;MediaTek&nbsp;(OTC:MDTKF)&nbsp;overtook Qualcomm as the world's largest mobile chipmaker. Between the first quarters of 2020 and 2021, MediaTek's global market share rose from 24% to 35%, according to Counterpoint Research, as Qualcomm's share dipped from 31% to 29%. Top smartphone makers, including&nbsp;Apple,Samsung, and&nbsp;Huawei, also continued to use their own first-party application processors instead of Qualcomm's chips.<blockquote>但过去一年，台湾芯片制造商联发科（场外交易代码：MDTKF）超越高通成为全球最大的移动芯片制造商。根据Counterpoint Research的数据，2020年第一季度至2021年，联发科的全球市场份额从24%上升至35%，而高通的份额从31%下降至29%。顶级智能手机制造商，包括苹果,三星，和华为，也继续使用自己的第一方应用处理器，而不是高通的芯片。</blockquote> Antitrust regulators have also forced Qualcomm to reduce its licensing fees in several major markets, including China, over the past few years. That pressure throttled the growth of its licensing business, which had previously generated much higher-margin revenue than its chipmaking business.<blockquote>过去几年，反垄断监管机构还迫使高通降低了包括中国在内的几个主要市场的许可费。这种压力抑制了其许可业务的增长，该业务此前产生的利润率远高于芯片制造业务。</blockquote> In the past Qualcomm pushed other mobile chipmakers, including NVIDIA and&nbsp;Texas Instruments&nbsp;(NASDAQ:TXN), out of the market by bundling its chips with lower licensing fees. NVIDIA and TI couldn't match those prices, so they eventually surrendered the smartphone market to Qualcomm.<blockquote>过去，高通推动了其他移动芯片制造商，包括英伟达和德州仪器（纳斯达克：TXN），通过以较低的许可费捆绑其芯片退出市场。英伟达和TI无法匹配这些价格，因此他们最终将智能手机市场拱手让给了高通。</blockquote> Arm is the ultimate gatekeeper of mobile chips<blockquote>Arm是移动芯片的终极看门人</blockquote> In that context, it seems ironic for Qualcomm to oppose NVIDIA's takeover of Arm. However, the deal could threaten Qualcomm in two ways.<blockquote>在这样的背景下，高通反对英伟达收购Arm似乎颇具讽刺意味。然而，这笔交易可能会在两个方面威胁高通。</blockquote> First, Arm only collects royalties from its chip designs; it doesn't manufacture chips. About 95% of all mobile chips across the world -- including those produced by Qualcomm, NVIDIA, Apple, Samsung, and Huawei -- use Arm's designs.<blockquote>首先，Arm只从其芯片设计中收取版税；它不生产芯片。全球约95%的移动芯片（包括高通、英伟达、苹果、三星和华为生产的芯片）都使用Arm的设计。</blockquote> After buying Arm, NVIDIA won't need to pay Arm any royalties on its own Tegra SoCs -- which are primarily used in cars, gaming consoles, and set-top boxes -- and it will collect royalties from all the other Arm chipmakers.<blockquote>收购Arm后，NVIDIA不需要向Arm支付其自己的Tegra SoC（主要用于汽车、游戏机和机顶盒）的任何版税，并且它将向所有其他Arm芯片制造商收取版税。</blockquote> That shift could also enable NVIDIA to make its Tegra SoCs cheaper than Qualcomm's Snapdragon SoCs. The Tegra hasn't been aimed at smartphones since NVIDIA discontinued its Icera modem business in 2015, but the chipset could still challenge Qualcomm in markets that don't require cellular connections -- such as connected TVs and Arm-based PCs.<blockquote>这种转变也可能使英伟达能够使其Tegra SoC比高通的Snapdragon SoC更便宜。自英伟达2015年停止Icera调制解调器业务以来，Tegra一直没有瞄准智能手机，但该芯片组仍可能在不需要蜂窝连接的市场挑战高通，例如联网电视和基于Arm的PC。</blockquote> Second, Qualcomm believes NVIDIA could eventually prevent Arm, which is often called the \"Switzerland of chips\" for its neutral positioning, from offering its most advanced chip designs to chipmakers other than NVIDIA. NVIDIA dismissed those claims, but its recent introduction of the Grace CPU -- a high-end Arm-based chip for data centers -- indicates it has big plans for Arm-based chips beyond the Tegra.<blockquote>其次，高通认为英伟达最终可能会阻止因中立定位而经常被称为“芯片瑞士”的Arm向英伟达以外的芯片制造商提供其最先进的芯片设计。NVIDIA否认了这些说法，但其最近推出的Grace CPU（一种用于数据中心的高端Arm芯片）表明，除了Tegra之外，它对基于Arm的芯片也有宏伟的计划。</blockquote> Qualcomm has repeatedly failed to crack the data center market, which is dominated byIntel, with its higher-end Arm-based chips. However, NVIDIA might produce a much more powerful data center chip by pumping more cash into Arm -- and quietly keep those designs to itself.<blockquote>高通屡屡未能破解数据中心市场，该市场由英特尔，以其更高端的基于Arm的芯片。然而，英伟达可能会通过向Arm注入更多现金来生产更强大的数据中心芯片，并悄悄地将这些设计留给自己。</blockquote> Should Qualcomm's investors worry?<blockquote>高通的投资者应该担心吗？</blockquote> NVIDIA's takeover of Arm still faces many hurdles, including antitrust probes across the world and legal battles against the CEO of Arm China, who has refused to resign after being ousted by the board. Therefore, NVIDIA will likely need to make major concessions before the deal is approved.<blockquote>英伟达收购Arm仍面临许多障碍，包括全球范围内的反垄断调查以及针对Arm中国首席执行官的法律斗争，后者在被董事会罢免后拒绝辞职。因此，在交易获得批准之前，英伟达很可能需要做出重大让步。</blockquote> In other words, a doomsday scenario for Qualcomm -- in which NVIDIA hoards all of Arm's latest designs, raises licensing fees across the board, and launches more advanced Arm chips to challenge its Snapdragon chips -- probably won't occur. NVIDIA will also likely focus on the PC gaming and data center markets instead of clashing with Qualcomm again in mobile chips.<blockquote>换句话说，高通的末日场景——英伟达囤积Arm的所有最新设计，全面提高许可费，并推出更先进的Arm芯片来挑战其骁龙芯片——可能不会发生。英伟达还可能专注于PC游戏和数据中心市场，而不是在移动芯片上再次与高通发生冲突。</blockquote> Buying a stake in Arm would help Qualcomm, since it could reduce is own licensing fees, but an NVIDIA takeover also won't derail its growth. For now, Qualcomm's investors should pay more attention to MediaTek, which is gradually creeping into the high-end smartphone market, and the&nbsp;global chip shortage, which could throttle its shipments this&nbsp;year.<blockquote>购买Arm的股份将有助于高通，因为它可以降低自己的许可费，但英伟达的收购也不会破坏其增长。目前，高通的投资者应该更多地关注正在逐渐进军高端智能手机市场的联发科，以及全球芯片短缺，这可能会限制其今年的出货量。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Qualcomm's Interest in Arm Reveals Its Greatest Fear<blockquote>高通对Arm的兴趣暴露了其最大的恐惧</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQualcomm's Interest in Arm Reveals Its Greatest Fear<blockquote>高通对Arm的兴趣暴露了其最大的恐惧</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-06-17 14:22\n\n</h4>\n</header>\n<article>\nIt doesn't want NVIDIA to become the gatekeeper of mobile chip designs.<blockquote>它不希望英伟达成为移动芯片设计的看门人。</blockquote> Qualcomm's&nbsp;(NASDAQ:QCOM)&nbsp;incoming CEO, Cristiano Amon, recently toldThe Telegraphhis company would be interested in buying a stake in Arm Holdings with a consortium of other investors if regulators block&nbsp;NVIDIA's&nbsp;(NASDAQ:NVDA)$40 billion bid for the chip designer.<blockquote>Qualcomm（纳斯达克：QCOM）即将上任的首席执行官Cristiano Amon最近告诉电讯报如果监管机构阻止，他的公司将有兴趣与其他投资者组成的财团一起购买Arm Holdings的股份英伟达（纳斯达克股票代码：NVDA）出价400亿美元收购这家芯片设计公司。</blockquote> Amon suggested the consortium could make that investment if&nbsp;Softbank&nbsp;(OTC:SFTB.Y)&nbsp;spins off Arm, which it acquired in 2016, in an IPO. In a statement, NVIDIA dismissed Qualcomm's suggestion and declared that taking Arm public again would throttle its development of new chip designs.<blockquote>阿蒙表示，如果出现以下情况，该财团可以进行这项投资：软银（场外交易代码：SFTB.Y）在IPO中分拆了2016年收购的Arm。英伟达在一份声明中驳回了高通的建议，并宣称让Arm再次上市将扼杀其新芯片设计的开发。</blockquote> Qualcomm's statement marks a continuation of its protests against NVIDIA's takeover of Arm, which was initially announced last September. Let's see why Qualcomm desperately wants to keep Arm out of NVIDIA's hands, and why its desire to buy a stake in Arm also reveals its greatest fear.<blockquote>高通的声明标志着其继续抗议英伟达收购Arm，该收购最初于去年9月宣布。让我们看看，为什么高通拼命想让Arm远离英伟达之手，为什么它想入股Arm也透露出它最大的恐惧。</blockquote> <img src=\"https://static.tigerbbs.com/7fb54ba8f872a3051efd3f32259d63bc\" tg-width=\"2000\" tg-height=\"1125\">IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> Reviewing Qualcomm's weaknesses<blockquote>回顾高通的弱点</blockquote> Qualcomm is one of the world's largest producers of&nbsp;mobile chips&nbsp;and baseband modems. It also owns the largest portfolio of cellular patents. In the earlier days of smartphones, Qualcomm comfortably dominated the mobile chip market with its Snapdragon SoCs (systems on chips), which bundle together application processors, GPUs, and modems. Its licensing business also collected royalties from every smartphone maker worldwide -- even those that didn't use Qualcomm's chips.<blockquote>高通是全球最大的移动芯片和基带调制解调器生产商之一。它还拥有最大的细胞专利组合。在智能手机的早期，高通凭借其Snapdragon SoC（片上系统）轻松主导了移动芯片市场，该SoC将应用处理器、GPU和调制解调器捆绑在一起。其授权业务还向全球每家智能手机制造商收取版税——甚至是那些不使用高通芯片的制造商。</blockquote> But over the past year, Taiwanese chipmaker&nbsp;MediaTek&nbsp;(OTC:MDTKF)&nbsp;overtook Qualcomm as the world's largest mobile chipmaker. Between the first quarters of 2020 and 2021, MediaTek's global market share rose from 24% to 35%, according to Counterpoint Research, as Qualcomm's share dipped from 31% to 29%. Top smartphone makers, including&nbsp;Apple,Samsung, and&nbsp;Huawei, also continued to use their own first-party application processors instead of Qualcomm's chips.<blockquote>但过去一年，台湾芯片制造商联发科（场外交易代码：MDTKF）超越高通成为全球最大的移动芯片制造商。根据Counterpoint Research的数据，2020年第一季度至2021年，联发科的全球市场份额从24%上升至35%，而高通的份额从31%下降至29%。顶级智能手机制造商，包括苹果,三星，和华为，也继续使用自己的第一方应用处理器，而不是高通的芯片。</blockquote> Antitrust regulators have also forced Qualcomm to reduce its licensing fees in several major markets, including China, over the past few years. That pressure throttled the growth of its licensing business, which had previously generated much higher-margin revenue than its chipmaking business.<blockquote>过去几年，反垄断监管机构还迫使高通降低了包括中国在内的几个主要市场的许可费。这种压力抑制了其许可业务的增长，该业务此前产生的利润率远高于芯片制造业务。</blockquote> In the past Qualcomm pushed other mobile chipmakers, including NVIDIA and&nbsp;Texas Instruments&nbsp;(NASDAQ:TXN), out of the market by bundling its chips with lower licensing fees. NVIDIA and TI couldn't match those prices, so they eventually surrendered the smartphone market to Qualcomm.<blockquote>过去，高通推动了其他移动芯片制造商，包括英伟达和德州仪器（纳斯达克：TXN），通过以较低的许可费捆绑其芯片退出市场。英伟达和TI无法匹配这些价格，因此他们最终将智能手机市场拱手让给了高通。</blockquote> Arm is the ultimate gatekeeper of mobile chips<blockquote>Arm是移动芯片的终极看门人</blockquote> In that context, it seems ironic for Qualcomm to oppose NVIDIA's takeover of Arm. However, the deal could threaten Qualcomm in two ways.<blockquote>在这样的背景下，高通反对英伟达收购Arm似乎颇具讽刺意味。然而，这笔交易可能会在两个方面威胁高通。</blockquote> First, Arm only collects royalties from its chip designs; it doesn't manufacture chips. About 95% of all mobile chips across the world -- including those produced by Qualcomm, NVIDIA, Apple, Samsung, and Huawei -- use Arm's designs.<blockquote>首先，Arm只从其芯片设计中收取版税；它不生产芯片。全球约95%的移动芯片（包括高通、英伟达、苹果、三星和华为生产的芯片）都使用Arm的设计。</blockquote> After buying Arm, NVIDIA won't need to pay Arm any royalties on its own Tegra SoCs -- which are primarily used in cars, gaming consoles, and set-top boxes -- and it will collect royalties from all the other Arm chipmakers.<blockquote>收购Arm后，NVIDIA不需要向Arm支付其自己的Tegra SoC（主要用于汽车、游戏机和机顶盒）的任何版税，并且它将向所有其他Arm芯片制造商收取版税。</blockquote> That shift could also enable NVIDIA to make its Tegra SoCs cheaper than Qualcomm's Snapdragon SoCs. The Tegra hasn't been aimed at smartphones since NVIDIA discontinued its Icera modem business in 2015, but the chipset could still challenge Qualcomm in markets that don't require cellular connections -- such as connected TVs and Arm-based PCs.<blockquote>这种转变也可能使英伟达能够使其Tegra SoC比高通的Snapdragon SoC更便宜。自英伟达2015年停止Icera调制解调器业务以来，Tegra一直没有瞄准智能手机，但该芯片组仍可能在不需要蜂窝连接的市场挑战高通，例如联网电视和基于Arm的PC。</blockquote> Second, Qualcomm believes NVIDIA could eventually prevent Arm, which is often called the \"Switzerland of chips\" for its neutral positioning, from offering its most advanced chip designs to chipmakers other than NVIDIA. NVIDIA dismissed those claims, but its recent introduction of the Grace CPU -- a high-end Arm-based chip for data centers -- indicates it has big plans for Arm-based chips beyond the Tegra.<blockquote>其次，高通认为英伟达最终可能会阻止因中立定位而经常被称为“芯片瑞士”的Arm向英伟达以外的芯片制造商提供其最先进的芯片设计。NVIDIA否认了这些说法，但其最近推出的Grace CPU（一种用于数据中心的高端Arm芯片）表明，除了Tegra之外，它对基于Arm的芯片也有宏伟的计划。</blockquote> Qualcomm has repeatedly failed to crack the data center market, which is dominated byIntel, with its higher-end Arm-based chips. However, NVIDIA might produce a much more powerful data center chip by pumping more cash into Arm -- and quietly keep those designs to itself.<blockquote>高通屡屡未能破解数据中心市场，该市场由英特尔，以其更高端的基于Arm的芯片。然而，英伟达可能会通过向Arm注入更多现金来生产更强大的数据中心芯片，并悄悄地将这些设计留给自己。</blockquote> Should Qualcomm's investors worry?<blockquote>高通的投资者应该担心吗？</blockquote> NVIDIA's takeover of Arm still faces many hurdles, including antitrust probes across the world and legal battles against the CEO of Arm China, who has refused to resign after being ousted by the board. Therefore, NVIDIA will likely need to make major concessions before the deal is approved.<blockquote>英伟达收购Arm仍面临许多障碍，包括全球范围内的反垄断调查以及针对Arm中国首席执行官的法律斗争，后者在被董事会罢免后拒绝辞职。因此，在交易获得批准之前，英伟达很可能需要做出重大让步。</blockquote> In other words, a doomsday scenario for Qualcomm -- in which NVIDIA hoards all of Arm's latest designs, raises licensing fees across the board, and launches more advanced Arm chips to challenge its Snapdragon chips -- probably won't occur. NVIDIA will also likely focus on the PC gaming and data center markets instead of clashing with Qualcomm again in mobile chips.<blockquote>换句话说，高通的末日场景——英伟达囤积Arm的所有最新设计，全面提高许可费，并推出更先进的Arm芯片来挑战其骁龙芯片——可能不会发生。英伟达还可能专注于PC游戏和数据中心市场，而不是在移动芯片上再次与高通发生冲突。</blockquote> Buying a stake in Arm would help Qualcomm, since it could reduce is own licensing fees, but an NVIDIA takeover also won't derail its growth. For now, Qualcomm's investors should pay more attention to MediaTek, which is gradually creeping into the high-end smartphone market, and the&nbsp;global chip shortage, which could throttle its shipments this&nbsp;year.<blockquote>购买Arm的股份将有助于高通，因为它可以降低自己的许可费，但英伟达的收购也不会破坏其增长。目前，高通的投资者应该更多地关注正在逐渐进军高端智能手机市场的联发科，以及全球芯片短缺，这可能会限制其今年的出货量。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/06/16/qualcomms-interest-in-arm-reveals-its-greatest-fea/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QCOM":"高通"},"source_url":"https://www.fool.com/investing/2021/06/16/qualcomms-interest-in-arm-reveals-its-greatest-fea/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134645853","content_text":"It doesn't want NVIDIA to become the gatekeeper of mobile chip designs.\nQualcomm's (NASDAQ:QCOM) incoming CEO, Cristiano Amon, recently toldThe Telegraphhis company would be interested in buying a stake in Arm Holdings with a consortium of other investors if regulators block NVIDIA's (NASDAQ:NVDA)$40 billion bid for the chip designer.\nAmon suggested the consortium could make that investment if Softbank (OTC:SFTB.Y) spins off Arm, which it acquired in 2016, in an IPO. In a statement, NVIDIA dismissed Qualcomm's suggestion and declared that taking Arm public again would throttle its development of new chip designs.\nQualcomm's statement marks a continuation of its protests against NVIDIA's takeover of Arm, which was initially announced last September. Let's see why Qualcomm desperately wants to keep Arm out of NVIDIA's hands, and why its desire to buy a stake in Arm also reveals its greatest fear.\nIMAGE SOURCE: GETTY IMAGES.\nReviewing Qualcomm's weaknesses\nQualcomm is one of the world's largest producers of mobile chips and baseband modems. It also owns the largest portfolio of cellular patents. In the earlier days of smartphones, Qualcomm comfortably dominated the mobile chip market with its Snapdragon SoCs (systems on chips), which bundle together application processors, GPUs, and modems. Its licensing business also collected royalties from every smartphone maker worldwide -- even those that didn't use Qualcomm's chips.\nBut over the past year, Taiwanese chipmaker MediaTek (OTC:MDTKF) overtook Qualcomm as the world's largest mobile chipmaker. Between the first quarters of 2020 and 2021, MediaTek's global market share rose from 24% to 35%, according to Counterpoint Research, as Qualcomm's share dipped from 31% to 29%. Top smartphone makers, including Apple,Samsung, and Huawei, also continued to use their own first-party application processors instead of Qualcomm's chips.\nAntitrust regulators have also forced Qualcomm to reduce its licensing fees in several major markets, including China, over the past few years. That pressure throttled the growth of its licensing business, which had previously generated much higher-margin revenue than its chipmaking business.\nIn the past Qualcomm pushed other mobile chipmakers, including NVIDIA and Texas Instruments (NASDAQ:TXN), out of the market by bundling its chips with lower licensing fees. NVIDIA and TI couldn't match those prices, so they eventually surrendered the smartphone market to Qualcomm.\nArm is the ultimate gatekeeper of mobile chips\nIn that context, it seems ironic for Qualcomm to oppose NVIDIA's takeover of Arm. However, the deal could threaten Qualcomm in two ways.\nFirst, Arm only collects royalties from its chip designs; it doesn't manufacture chips. About 95% of all mobile chips across the world -- including those produced by Qualcomm, NVIDIA, Apple, Samsung, and Huawei -- use Arm's designs.\nAfter buying Arm, NVIDIA won't need to pay Arm any royalties on its own Tegra SoCs -- which are primarily used in cars, gaming consoles, and set-top boxes -- and it will collect royalties from all the other Arm chipmakers.\nThat shift could also enable NVIDIA to make its Tegra SoCs cheaper than Qualcomm's Snapdragon SoCs. The Tegra hasn't been aimed at smartphones since NVIDIA discontinued its Icera modem business in 2015, but the chipset could still challenge Qualcomm in markets that don't require cellular connections -- such as connected TVs and Arm-based PCs.\nSecond, Qualcomm believes NVIDIA could eventually prevent Arm, which is often called the \"Switzerland of chips\" for its neutral positioning, from offering its most advanced chip designs to chipmakers other than NVIDIA. NVIDIA dismissed those claims, but its recent introduction of the Grace CPU -- a high-end Arm-based chip for data centers -- indicates it has big plans for Arm-based chips beyond the Tegra.\nQualcomm has repeatedly failed to crack the data center market, which is dominated byIntel, with its higher-end Arm-based chips. However, NVIDIA might produce a much more powerful data center chip by pumping more cash into Arm -- and quietly keep those designs to itself.\nShould Qualcomm's investors worry?\nNVIDIA's takeover of Arm still faces many hurdles, including antitrust probes across the world and legal battles against the CEO of Arm China, who has refused to resign after being ousted by the board. Therefore, NVIDIA will likely need to make major concessions before the deal is approved.\nIn other words, a doomsday scenario for Qualcomm -- in which NVIDIA hoards all of Arm's latest designs, raises licensing fees across the board, and launches more advanced Arm chips to challenge its Snapdragon chips -- probably won't occur. NVIDIA will also likely focus on the PC gaming and data center markets instead of clashing with Qualcomm again in mobile chips.\nBuying a stake in Arm would help Qualcomm, since it could reduce is own licensing fees, but an NVIDIA takeover also won't derail its growth. For now, Qualcomm's investors should pay more attention to MediaTek, which is gradually creeping into the high-end smartphone market, and the global chip shortage, which could throttle its shipments this year.","news_type":1,"symbols_score_info":{"QCOM":0.9}},"isVote":1,"tweetType":1,"viewCount":623,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/161809351"}