Arm's AGI CPU, announced March 2026, is its first datacenter chip of its own design. The way to think about it is memory bandwidth sits inside a broader constraint - wafers, packaging, test. Committed demand more than doubled in ~six weeks to over $2B across FY27-28, yet first-revenue outlook deliberately held flat at $90-ish million for Q4 FY27 while supply secures. Chip and IP framed as parallel vectors. $15B CPU plus $10B IP by FY31 is management framing, not booked.