In Brief Arm has delivered another reminder that the AI chip boom is not only about the companies selling the most expensive accelerators. Arm has delivered another reminder that the AI chip boom is not only about the companies selling the most expensive accelerators. Arm said both royalty and licensing revenue grew strongly, with data centre demand becoming a larger part of the conversation. That is why the earnings strength we have seen from TSMC’s AI chip demand and the memory boom around SK Hynix matters for Arm as well. In a market still trying to separate real AI earnings from AI promises, Arm has something useful to show.