10月7日，ARM Holdings盘前下跌3.13%，报293.55美元。消息面上，高通与Arm在特拉华州联邦法院的新一轮合同争议进入陪审团审判阶段，市场担忧双方诉讼升级可能冲击Arm的授权费收入。
据披露，高通指控Arm未按合同提供必要的芯片测试工具，并泄露了2024年终止重要授权协议的威胁信函，寻求在未来最长5年内停止向Arm支付授权权利金，涉及金额可能高达数十亿美元，同时高通还希望强制Arm授权V10指令集架构。Arm对此予以全面否认，并称高通未能证明其遭受任何实际损害。此前，双方因高通2021年收购Nuvia引发的许可纠纷已持续多轮诉讼，本次新增指控进一步放大了市场对Arm长期授权收入稳定性的担忧。
与此同时，期权市场亦显示出谨慎偏空情绪，一笔规模达704万美元的双卖Call价差大单押注ARM在2026年11月前难以突破310至320美元区间，与诉讼风险形成共振。
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