It's been just over six months since Arm Holdings (NASDAQ: ARM) went public, and shares of the British chip designer have soared an impressive 111% in this short period. Thanks to this terrific surge, Arm Holdings now boasts a market cap of $138 billion, as compared to $65 billion on the day of its initial public offering (IPO).

The major share of the stock's gains has arrived since the beginning of February 2024, when the company released its fiscal 2024 third-quarter results. Shares of Arm shot up nearly 50% in a single session following its quarterly report last month as it became evident that the company will be a key beneficiary of the artificial intelligence (AI) chip race.

But can AI be a long-term catalyst for Arm and help the company reach $1 trillion in market cap by 2030?

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Source Fool.com