So… for every 10 million devices Apple sells, ARM makes $3m? Last year Apple sold 232.2 million iPhones, 60.4 million iPads, and I can’t find a statistic for Mac sales in 2022 only 7 million in a particular quarter, so maybe 21-30 million. We’ll say 30.

That’s ~320 million devices at 30¢ each (and doesn’t include AirPods, Apple TVs, Watches, HomePods, or any other ARM based device Apple sells). That’s $96m dollars for the license to an instruction set Apple helped create, used for chips Apple designed, and that Apple pays to have fabricated.

Nearly $100m a year on three product lines that don’t use ARM Holdings’ cores, or require ARM’s involvement in engineering or manufacturing, only the instruction set seems fair to me.