Son Masayoshi, the fiercest of Soha, said that ARM would be his second best investment after investing in Alibaba - he invested in hundreds of companies and lost countless billions, but he couldn't resist investing in one Alibaba. And ARM carefully studied it, and it's really possible that he got it right. I even think it's possible that they could make more money than Alibaba. What company is ARM? In the past: no chips were made, only tolls were charged for transportation ARM does not manufacture chips, it sells blueprints and instruction sets for chips, and then charges tolls for all chips based on its blueprints. In the past, taxes were mainly levied on smartphones (99% of global smartphone processors are based on ARM architecture), and in the next decade, comprehensive taxes will be imposed on data centers, robots, autonomous driving, and IoT devices. This business has been in operation for 35 years. Now: Build your own chips On March 24, 2026, ARM did something for the first time in 35 years - releasing its self-developed chip AGI CPU. Upgrade from "only selling blueprints" to "blueprints+subsystems+finished chips" in three parallel tracks. The first customer is Meta, and subsequent customers include OpenAI, Cloudflare, Cerebras, SAP, SK Telecom, etc. This is a 35 year old company at a major strategic turning point. 1.3 Four forces simultaneously drive CPU demand explosion 1.4 Is ARM the main beneficiary? 2、 Looking at Business Models: Computational Taxation Power in the AI Era 2.1 What is the business model? ARM Research Report: Visa in the AI Era? How to translate https://mp.weixin. (qq.com)/s/prwoqZckHDP6taa-VOey-w