$ARM vs $FORM: Contrasting Semiconductor IP and Test Equipment Plays ARM focuses on semiconductor intellectual property licensing while FORM specializes in semiconductor test and measurement equipment, creating distinct exposure within the chip supply chain. Recent market activity shows ARM benefiting from broad artificial intelligence demand through its processor architectures, whereas FORM has seen more variable momentum tied to capital spending cycles at foundries and device makers. Both stocks operate in the semiconductor sector but differ in business models, with ARM offering higher-margin recurring revenue potential and FORM facing greater sensitivity to equipment order fluctuations.