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  "notes": "The slide uses a layered stack diagram to represent the various IP blocks (Software, Security, System, Radio, Vision, Graphics, Processor, Physical) that integrate into a final chip.",
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      "text": "Layered stack of IP blocks above a smartphone chip",
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      "text": "ARM develops intellectual property (IP) blocks which are used in silicon chips. Our partners combine ARM IP with their own IP to create complete chip designs. We earn license fees when we deliver ARM IP to our partners and royalties when our partners ship chips that contain ARM IP. Highly profitable and cash generative.",
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