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01 ·Supply Chain·★ MEMBER·11 min read IP Cores and the Fabless Model — How Arm Rules Silicon Without Making a Single Chip Why a company that only sells blueprints ends up at the center of the chip industry. License fees versus royalties, the shipment volume where buying beats building, the three grades of IP (soft, hard, architectural), and what RISC-V actually made free — and what it did not.