研报给出上调估值的核心逻辑，AI 智能体工作负载催生 CPU 需求结构性复苏，Arm 架构具备行业领先能效，高度适配各类 AI 算力场景。同时企业业务边界持续拓宽，由传统芯片 IP 授权商延伸至自研服务器 CPU 制造，此前设定 2030 年 150 亿美元营收目标，随市场空间扩容，机构最新预测同期营收可达 220 亿美元。据 36 氪、新浪财经等科技媒体行业分析，当前云厂商 AI 部署持续抬高 CPU 配比，Arm 架构已广泛应用于亚马逊 Graviton、谷歌 Axion、英伟达 Grace 等自研算力芯片，生态落地持续提速，长期业绩增长确定性提升。
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