“We depend on our commercial relationship with Arm China to access the PRC market,” the filing said, referring to the People’s Republic of China. “If that commercial relationship no longer existed or deteriorates, our ability to compete in the PRC market could be materially and adversely affected.” US-China tensions More immediately, a slowdown in the world’s biggest smartphone market and manufacturing hub, as well as steps by the US and its allies to limit China’s access to leading-edge technology, are eating into sales. Arm’s had to sell architecture for lower-performance chips in China, the company said. Arm’s royalty revenue growth...