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Well, the most immediate thought is they will get to start licensing ARM's IP to themselves for free. That right there will cut their own costs, boosting their profits. You may also see additional products from nVidia in market segments they previously haven't really touched - like mobile phone processors with really beefy GPUs.
They don't necessarily need to put the screws to their competition when they go to ARM for licensing, but nVidia likely can take advantage of their position to make themselves really competitive in any computing sector they enter.
Thats a good point, but as I mentioned, they dont really need to purchase ARM for that much money to do those things.
And they already failed big time in mobile with Tegra, even though is working for the Nintendo Switch.