Why Arm Holdings Stock Soared 36% Last Month
Shares of Arm Holdings (NASDAQ: ARM) rose by 35.8% in June 2024, according to data from S&P Global Market Intelligence. The jump continued a broad uptrend for the semiconductor technology expert, adding up to a 117.7% gain in the first half of the year.
Arm's gains are driven by the ongoing frenzy for advanced artificial intelligence (AI) software and the hardware that makes those apps tick. And Arm investors are also paying close attention to the global and American economies.
The enthusiasm for AI technologies has significantly boosted investor interest in companies involved in AI hardware. While the AI success of Nvidia (NASDAQ: NVDA) and (NASDAQ: AMD) doesn't directly lean on ARM architectures -- they primarily use their proprietary platforms instead -- Arm benefits indirectly from the AI boom. The positive market sentiment toward AI advancements continues to propel Arm's stock upwards. Furthermore, the company's former focus on low-power embedded and mobile chips is changing before your eyes. These days, you'll find Arm-based chips all over modern data centers and PC systems.
Source Fool.com
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