Arm reported first-quarter revenue of $1.29 billion, up 22% year over year against a $1.26 billion consensus, with royalty revenue up 22% to $715 million and a second-quarter profit forecast above estimates. Qualcomm reported third-quarter revenue of $9.95 billion, down 4%, guided fourth-quarter profit below estimates, and told the market that revenue from Apple will fall faster than previously expected. The stock dropped more than 7% after hours. Those two prints describe the same handset market from opposite ends of the value chain, and only one of them is shrinking.

Intel has given a new startup called Rosaic access to its Atom processor technology, according to sources and documents. Rosaic is led by Amarjit Gill, who has co-invested alongside Intel chief executive Lip-Bu Tan for years. The technology decision is defensible on its own terms. Atom is Intel’s low-power x86 line, a product family that has been repeatedly repositioned, repeatedly deprioritized, and never quite retired. It has real value in embedded, industrial, and edge applications where x86 compatibility matters and power budgets are tight, and it has never been the platform Intel’s own resources are pointed at.