Nuvia developed this IP based on a very narrow license they got from ARM to develop for the server market.
Qualcomm is trying to transfer everything Nuvia has developed under that specific narrow ARM-license to their own broad license and use it for all their products, but the license Nuvia had explicitly limits the use of IP created under this license and the license itself is non-transferrable.
So Qualcomm doesn't have Nuvia's ARM-license anymore, and their own ARM-license doesn't cover the IP of Nuvia.
ARM is arguing that the IP of Nuvia therefore does not belong to Qualcomm, and they seem to have the contract to support that.
Meanwhile, Qualcomm thinks that they have no need to license newer (comparable) architectures from ARM, because they acquired the IP from Nuvia...
Yes, new vs. old is not part of the case, but the consequence of it for ARM.
ARM has designed new architectures (Blackhawk, Cortex-X) which achieve comparable performance to Nuvia's IP, but Qualcomm's assumption is that they can apply Nuvia's IP on top of their existing architecture without the need of licensing this new ARM design.
Outside of this case and any financial implications, this bears a big risk for ARM as well, as Qualcomm's heavily-customized architecture could become the de-facto standard for use-cases where generic ARM is already well-supported (i.e. Smartphones, Windows PCs, cars,...).
That's why it makes sense that ARM's contract with Nuvia restricted the license and any derived IP from being transferred to another party. ARM obviously supported Nuvia to develop ARM for servers, but applied conditions to that contract to mitigate the risk for that custom architecture to be applied in other (rather harmonized) use-cases.
Qualcomm is trying to transfer everything Nuvia has developed under that specific narrow ARM-license to their own broad license and use it for all their products, but the license Nuvia had explicitly limits the use of IP created under this license and the license itself is non-transferrable.
So Qualcomm doesn't have Nuvia's ARM-license anymore, and their own ARM-license doesn't cover the IP of Nuvia.
ARM is arguing that the IP of Nuvia therefore does not belong to Qualcomm, and they seem to have the contract to support that.
Meanwhile, Qualcomm thinks that they have no need to license newer (comparable) architectures from ARM, because they acquired the IP from Nuvia...