
Back in May, the drama played out again-shares nose-dived 6.2% after the management politely refused to hand out a full-year roadmap, citing macroeconomic fog and the semiconductor sector’s shivers. Now, add another layer of disappointment: Q1 results merely matched expectations-$1.05 billion in revenue, a tidy 12% lift, but just enough to keep the lights on. Earnings per share? A modest decline from $0.40 to $0.35. All in the context of a sharp increase in R&D-up 48%, throwing money into the abyss-$440 million like an offering to the silicon gods, hoping for some divine intervention down the line. Some investors looked at the rising expenses and saw red-what’s the point of funding research when the stock’s bleeding out? But that’s the reckless, beautiful gamble-because Arm, in its madness, might just be manufacturing the seeds of its own resurrection.