The Doing Behind The Thinking: A Deep Dive on ARM's AGI CPU

研报英文原文证据摘录

The Doing Behind The Thinking: A Deep Dive on ARM's AGI CPU

Semiconductors

Arm Holdings Plc

TD SECURITIES (USA) LLC ESTIMATE CHANGES

June 24, 2026

Price: $366.39 (06/23/2026) The Doing Behind The Thinking: A Deep Dive

Price Target: $475.00 (Prior $265.00) on ARM's AGI CPU

BUY (1)

ESG SCORE: 56/100

Krish Sankar THE TD COWEN INSIGHT

415 646 7372

As agentic AI shifts more work from the “thinking” GPUs do to the “doing” CPUs handle, CPUs

krish.sankar@tdsecurities.com

are becoming an AI beneficiary. We think ARM’s $15B FY31 AGI CPU target is reasonable,

Eddy Orabi though GPU:CPU attach and pricing per core remain the key variables. We are more

415 646 7371 constructive on the IP side than on Street chip expectations, where 15% share may be applied

eddy.orabi@tdsecurities.com

too mechanically to NVIDIA’s $200B CPU TAM.

Steven Chin

415 646 7374 Competitive Positioning (Fig. 1): Our analysis of the announced CPU rack specs helps clarify

steven.chin@tdsecurities.com where ARM’s AGI CPU fits in the market. On specs, the product appears positioned around

Robert Mertens, CFA core density per rack, total DRAM capacity per rack, and power efficiency, while bandwidth

646 562 1338 is below Vera. ARM also appears to be pricing the chip at roughly a 50% discount to peers.

robert.mertens@tdsecurities.com Net-net, we think ARM is positioning the AGI CPU for customers that care most about density,

memory capacity, and total system cost, and are willing to accept lower bandwidth and some

Key Data

latency trade-off versus Vera (for example).

Symbol NASDAQ: ARM

Beta: 3.78 With AWS and Google relying on Graviton and Axion, and with the neoclouds largely being

52-Week Range: $439.46-$104.55 NVDA CPU/GPU customers, ARM’s merchant AGI CPU is effectively competing for sockets at