I am curious how AMD sees themselves staying relevant in the value chain as compute is increasingly about cpu cores working with npu cores.
Not all ARM use cases need that, but it would be a huge mistake to not develop integrated options.
And also an opportunity to make adjustments to their business model.
ARM is an incompatible pile of mess. On an (X86) PC you can tranfer your disk, as it is, to a new X86 architecture and it will run.
On ARM, every processor has its own bootloader, blobs needed for initialisation. Even the systems have different architecture. In the end, you need a special software setup, which is not supported more than a few years. See phones, Raspberry PIs and derivatives, Chromebooks.
AMD has CPU, GPU, NPU, FPGA, NIC, DPU... They seem well positioned. The Arm ecosystem has everything you could want but Arm themselves are taking some time to create their in-house CPU and TPU.