If Nvidia is paying 40 billion for Arm which currently can't make a profit and when they did it was virtually nothing. Ask yourself, how is Nvidia going to reclaim and make a profit exceeding 40 billion? It would have to change, can't keep with the current state. Shareholders would push for something dealing with ARM to make not only a profit but major profits. Licensing is not that profitable. So what could Nvidia do with ARM that has not been done before to increase it's value and how would that affect the companies using ARM designs for their products? I would think the license would include royalties for each product sold, as in 5% or more with any Nvidia tech used. Nvidia tech maybe worth it but I suspect you will have to pay for it more than a license. It well maybe tangle together, as in ARM you also get a little bit of Nvidia with it and a price tag for the Nvidia part. Of course the ARM processor will be tailored (conjecture) to work best with the Nvidia add on which if not used will put your product at a severe disadvantage. Bottom line, Nvidia has to have some idea/plan to make a 40 Billion $ purchase worth it and get back more than the cost for ARM.