Is this about market fundamentals? One way to think about ARM is as a vehicle for R&D, shared amongs competitors such as Apple, Qualcomm, Samsung, and Huawei.

Is this about market fundamentals? One way to think about ARM is as a vehicle for R&D, shared amongs competitors such as Apple, Qualcomm, Samsung, and Huawei. * Do they each benefit from the R&D done by ARM? * Is that benefit enough to be worth the cost, even shared amongst the recipients? * Can they "agree" on an arrangement, and can ARM function well enough to stay healthy?