I think people are overlooking a worse outcome. Chinese companies have already bought the Asian subsidiary of ARM, if China bought ARM who knows how they would retaliate with it given the current attacks on Huawei. They might use it as leverage.

realistically we need an open unowned architecture like RISC-V, because whoever buys ARM will cause concern given how hyperconpetitive mobile is, the incentive to abuse the ownership is high.

We really want to avoid another Oracle/Java scenario as well.