Arm Holdings plc American Depositary SharesARM

Arm Holdings licenses semiconductor intellectual property (IP), primarily the ARM architecture used in over 95% of smartphones worldwide. The company also generates revenue from chip design royalties and software tools. It operates in the semiconductor IP market as a near-monopoly player, with its architecture powering billions of devices annually. At a market cap of $221.23B, it is a large-cap technology company with TTM revenue of $4.92B. The defining characteristic is its royalty-based, asset-light IP model, which yields gross margins above 90% and creates a powerful network effect as more chips adopt its architecture.