NVIDIA up 6% and ARM up 16% in the same session. That 10-point gap between the two numbers is telling you something. ARM licenses its CPU architecture to every company building ARM-based chips: Apple, Qualcomm, NVIDIA. Every RTX Spark laptop that ships this holiday season, every Vera Rubin data centre rack that goes live, every new ARM-based device from any manufacturer anywhere — ARM gets a royalty. NVIDIA using ARM for RTX Spark is a direct ARM revenue event. 📈Here is the RTX Spark picture: 20-core ARM CPU, 6,144 CUDA cores at the level of a desktop RTX 5070, Blackwell GPU architecture, 3nm process, 45–80W power envelope. Dell, Lenovo, Asus, MSI, and Microsoft Surface are all launching devices before the 2026 holiday season. This is NVIDIA's first laptop chip. The PC market was the one segment they did not own. Now they are attacking it directly, and Qualcomm and Intel are both in the crossfire at the same time.The market consensus going into Computex was that NVIDIA was a data centre company. The consensus coming out is that NVIDIA is an AI compute company across every form factor: data centre, workstation, laptop, and eventually edge. That TAM re-rating is exactly what the 6% move reflects. ARM's 16% reflects the same insight but one layer up the stack.