Some chip industry observers and financial analysts believe that because of its licensing business model, ARM missed an opportunity to capture billions of dollars in sales of microprocessor chips it could have manufacturered. Compare sales, profits, and stock prices over a three-year period for ARM to two of its customers who do have fab plants and manufacture their own chips such as Samsung Electronics and Intel or AMD, a competitor. Do you believe that the ARM licensing rather than manufacturing business model has hurt the firm? Why or why not?