if we're talking custom silicon, Google acquired Motorola in 2011, and Apple acquired PA semi in 2008.

The idea is obvious to everybody in the industry, it's a question of money and motivation.

Apple’s first in-house designed chip was the A4 in 2010.

ARM is just collecting royalties in this space. Their reference designs aren't exactly competitive.

I'm not saying it's a bad buy, either, but if and when they turn the screws, there will be a mass exodus. Solid long term play perhaps, but not going to see Nvidia like price action.