The Indispensable but expensively valued Toll Keeper of AI Energy Efficiency

Arm Holdings (ARM) has transformed from a pure mobile architect to the fundamental building block of the AI era. In an age where power consumption and thermal limits dictate the scaling of data centers, Arm's "performance-per-watt" efficiency is no longer just a feature, but the most critical currency in the industry. The company operates in a de facto ecosystem monopoly: the enormous installed base and the associated software inertia make the adoption of alternative architectures like RISC-V extremely costly. Hence, Arm is the inescapable operating...