Qualcomm and Apple are going to be fine even with NVIDIA owning ARM. They are American companies under the protection of US legislation and representation.
However the situation for Chinese companies is even clearer now. Huawei, Hikvision etc. need to move away from ARM. Probably on to their own thing as RISC-V is dominated by US companies.
Qualcomm, Apple and NVidia will lose favor with the US government unless they bring (at least a full copy of) their FAB partners and the rest of their supply chains home to America (Southwest including USMCA zone). We love Southeast Asia, but the pandemic highlighted our vulnerability and, as a country, we’re not going to keep sourcing our critical infrastructure in China —or it’s back yard. If those American CEOs keep balking at the huge investment required, you will see the US government write massive checks to Intel (has numerous, albeit obsolete, domestic FABs), DELL and upstarts (like System76 in Colorado) to pick winners, while the elevator to hell gains a new stop in Silicon Valley and San Diego (nationalizing patents, etc) during a sort of “war effort” like we had in the early 1940s.
However the situation for Chinese companies is even clearer now. Huawei, Hikvision etc. need to move away from ARM. Probably on to their own thing as RISC-V is dominated by US companies.