The boldest gambler, Sun Zhengyi, says ARM will be his second-best investment after Alibaba — he invested in hundreds of companies, lost billions, but he couldn't resist hitting the jackpot with Alibaba.

After carefully studying ARM, he might actually be right, and I even think he could make more money than Alibaba.
What kind of company is ARM?
In the past: Not making chips, only collecting tolls
ARM doesn't manufacture chips; it sells blueprints and instruction sets, then collects tolls from all chips built based on its blueprints.
In the past, it mainly taxed smartphones (99% of the world's smartphone processors are based on ARM architecture), and in the next decade, it will start collecting taxes from data centers, robots, autonomous vehicles, and IoT devices.
This business has been ongoing for 35 years.
Now: Making chips itself
On March 24, 2026, ARM did something for the first time in 35 years — released its own chip, the AGI CPU.
It upgraded from "selling blueprints only" to "blueprints + subsystems + finished chips" in a three-track parallel approach.
Its first customer was Meta, followed by OpenAI, Cloudflare, Cerebras, SAP, SK Telecom, and others.
This is a 35-year-old company at a major strategic turning point.
1.3 Four forces simultaneously drive CPU demand explosion
1.4 Is ARM the main beneficiary?
Two, look at the business model: computing tax rights in the AI era
2.1 What is the business model?
"ARM Research Report: The Visa of the AI Era?"