In a recent move reflecting the downturn in the semiconductor industry, Arm Holdings Plc (NASDAQ:ARM) has parted ways with more than 70 software engineers in China.What Happened: As per insider information, Bloomberg reported on Monday that the U.K.-based chipmaker's recent actions mirror those of other big players in the industry like Qualcomm Inc. (NASDAQ:QCOM), who have also had to scale back their global workforce amid lower demand for electronics.Around 15 of the laid-off staff are expected to be offered alternative roles related to projects within China. The terminated positions largely belonged to contract