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.

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.