The reason that ARM is only worth 30-40 billion while powering nearly all smartphones and much of the embedded space is because their business model is not that

The reason that ARM is only worth 30-40 billion while powering nearly all smartphones and much of the embedded space is because their business model is not that profitable. If Nvidia is looking for profits, ARM is a bad investment. If they are looking for synergies to boost nVidia profits, it will be done at the expense of other licensees. That's exactly what people fear.