The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · deployed

capex ~$0.55B (FY26); R&D-led up-stack push (CSS / compute subsystems, own-chiplet ambitions); no material buyback/dividend — capital allocation is SoftBank-directed

high confidence · as of 2026-07-26 · about Arm

Sourced figures 1


the working

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