Arm Holdings
ARMQ4 2023(ARM Q2 FY2024)Estimated8% AI
AI Revenue %
8%
AI Fair Value
$5.1B
AI Revenue (Q)
$78.6M
Total Revenue (Q)
$983.0M
Source: SEC EDGAR 20-F Filing
View 20-F on SEC.govAnalysis
Arm reported $806M total revenue (License $388M + Royalty $418M) for Q2 FY2024 (Jul-Sep 2023). Arm operates as a single segment and does not disclose AI-specific revenue. Arm's core business is mobile phone CPU IP (est. 55-65% of royalties). Data center/cloud (Neoverse) is a small but growing royalty category, estimated at ~8-10% of royalty revenue in this period. AI-relevant revenue includes: (1) data center royalties from Neoverse-based chips used in AI servers (AWS Graviton, NVIDIA Grace) est. ~$33M, (2) AI-specific licensing for Neoverse/NPU/GPU IP est. ~$20M, (3) mobile AI NPU royalties (on-device inference) est. ~$12M. Total AI-attributable est. ~$65M / $806M = ~8%. Arm had just IPO'd in Sep 2023 and AI workload commentary was nascent. Conservative estimate given early stage of data center royalty ramp.
Analyzed by claude-opus-4-6
Quoted Figures
License and Other Revenue $388M, Royalty Revenue $418M, Total $806M for Q2 FY2024
6-K filed 2023-09-30, derived from 20-F FY2024 nine-month vs Q3 data
Our platform is highly leveraged to the growth in artificial intelligence (AI) workloads. Arm CPUs run AI workloads in billions of devices from the edge to the cloud, including smartphones, cameras, digital TVs, cars and cloud data centers.
6-K Q3 FY2024 (Dec 2023), MD&A Overview
AI Products Identified (Ring 1)
Neoverse (data center CPU IP)Ethos NPUMali GPUArmv9 architecture with AI extensions
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Mobile phone CPU IP (majority of royalties)IoT/embedded CPU IPAutomotive CPU IPDevelopment tools/software
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix