Arm: capacity is no longer the thing that gates revenue
The bottleneck has migrated from lithography to packaging and power. That changes who captures the margin on every incremental unit.
Evidence · 4 cards
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Discussion · 4
This changed my mind. The mix argument is the part I had not considered properly. Has anything in the last print changed the entry you would take?
Finally someone put numbers on this. The utilisation assumption is where I disagree. Any view on how the read-across affects the rest of the group?
I hold the other side of this. The depreciation schedule really is the whole disagreement. Does the same logic apply to the closest comparable?
Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (878)