Ian King

Nvidia's new PC chip uses ARM technology, providing royalty revenue to ARM and affirming ARM's broader role in PCs, which is positive for ARM shares.

Meta signed a deal worth "double-digit billions" with AMD, which includes share warrants based on operational milestones. This is a massive validation stamp from a hyperscaler. The warrants align incentives, effectively turning a customer into a partner who benefits if AMD's stock rises (similar to the OpenAI deal). It proves AMD is a viable alternative to Nvidia for massive-scale inference workloads. The deal locks Meta and AMD together, providing AMD with guaranteed revenue visibility and a "strong affirmation" of their technology in a market dominated by Nvidia. AMD is still "playing catch-up" to Nvidia; the warrants only pay off if AMD hits aggressive targets; Nvidia remains the dominant incumbent with $50B/quarter revenue vs AMD's $10B.