Arm was never going to be acquired by a Chinese firm - it would have been blocked.
The problem is that controlling its own destiny gives it control over all its competitors destinies too - and that's not good. I have nothing particularly against Nvidia btw - the same issue would apply for any major SoC designer buying Arm.
What exactly would their end-game be if ARM were acquired by say... a Chinese firm who DID decide to end licensing terms. Then what?