Highlight path
ALAB direct attach
ARM royalty chain
Both
AI accelerator rack fabric: how hyperscaler capex reaches ALAB vs ARM
AI accelerator rack fabric
Hyperscaler
AI capex
Q0 capex event
GPU/ASIC PO to
NVIDIA, Broadcom
rack build-out
GPU/ASIC
retimer
PCIe/CXL
CXL mem
accelerator SoC
ARM
retimers + CXL pool + fabric
ARM core designed in
Scorpio/Aries attach
same quarter as rack ships
ALAB revenue
Q0 front-loaded
design-in
manufacture
ship
per-unit royalty
ARM revenue
Q+1 to Q+2 lagged
Q0 capex
rack ships
Q+1
Q+2
revenue amplitude
high amp
smoothed, lagged
Q0
Q+1
Q+2
ALAB revenue (same quarter, high amplitude)
ARM royalty (1-2 Q lag, smoothed)
Shared capex spine