Here, have Fili playfully nudging his brother
so what do you think, does Bilbo have the Arkenstone here already? I mean, :O
I’m pretty sure he has it
Yes he has it - because just before Smaug tried to eat him, he grabbed and ran. They didn’t show it, because that would have ruined the next movie, because after Smaug was dead, the dwarfs go back to the treasure room to search for the arkenstone but no one can find it (because bilbo already had it ( I wonder if that will be the little backstory movie at the front of BOFA).
The Hobbit (teaser)