>Find the capital for long-term investment somewhere and follow a path to improvement like AMD did.

They did, it was called SoftBank and now SoftBank needs its money back. The comparison to AMD isn’t comparable; AMD already had a high margin business in a proven market; it’s unclear what ARM is going to be pressured to do; either they will have to put the screws on their licensors or start making their own chips (which would be no different from the concern under nvidia)