Arm from the beleaguered Japanese investment giant SoftBank. If Arm China is no longer answering to its UK parent company, however, the proprietary value of Arm's IP may depreciate considerably, since there could be two companies independently licensing Arm chip architectures.
And even if Arm manages to reach a favorable agreement with Beijing over the conflict with Allen Wu, the continued tensions between the US and China will put any company that acquires Arm in a tenuous position. Nvidia may not be altogether deterred from making an acquisition under these circumstances, but it will certainly bear the conflict in mind as it proceeds in discussions with SoftBank.
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