1. ARM is a RISC architecture, but it is proprietary/licensed, subject to export law, etc.
2. ARM is having a heyday, powering just about every mobile device, plus Apple's recent M1/M2 chips, and is also becoming more common on supercomputers and on servers
3. RISC-V is also a RISC, as the name implies, but is owned by a non-profit and intends to be open and easy to license
So next I would ask, do recent developments that make ARM so promising also make RISC-V promising? Do the decades of work that it took to make ARM the rising star also apply to RISC-V? How far away is RISC-V from being competitive with ARM at a technical level? Or is it already there?
Bonus question... given that both ARM and RISC-V have similar goals, how feasible is an abstract layer on top of them? Meaning, five years from now, how possible is it that I have a RISC-V phone that can run ARM binaries, and and ARM phone that could run RISC-V binaries?