This is going to be a strategic challenge for ARM unless they are going to focus on chips that nobody else wants to make. And given the AI focus, that doesn’t seem to be the case. I would think that the RISC-V folks would be salivating at the prospect of flipping some existing ARM licensees to RISC-V.
focus on chips that nobody else wants to make
That's what happened here. Meta wants a Neoverse V3 CPU but no one will make it for them. So Arm has to make it.
Meta bought a RISC-V startup six months ago: https://hn.algolia.com/?q=meta+rivos
Guess at the end of the day, no-one ever got fired for building ARM.