If that happens, it seems that Qualcomm is looking to step in. According to a report from The Telegraph, Qualcomm’s soon-to-be CEO Cristiano Amon told the publication that Qualcomm is open to the idea of investing in ARM. They wouldn’t be trying to acquire ARM like NVIDIA is doing, but rather if ARM retains its independence and becomes a publicly-traded company, Qualcomm could be keen on putting some money into it.
According to Amon, “If Arm has an independent future, I think you will find there is a lot of interest from a lot of the companies within the ecosystem, including Qualcomm, to invest in Arm. If it moves out of SoftBank and it goes into a process of becoming a publicly-traded company, [with] a consortium of companies that invest, including many of its customers, I think those are great possibilities.”
That being said, regulators aren’t alone in their hesitation of NVIDIA acquiring ARM. Other tech companies such as Microsoft and Google had previously expressed their concerns as to whether or not NVIDIA’s acquisition could lead to supply being limited or prices being raised.