Posted 2/13/2024, 2:42:15 PM
Arm Holdings Stock Soars on AI Chip Demand, Now One of Market's Priciest
- Arm Holdings stock has surged over 90% since bullish earnings forecast, now priced at 38X revenue projections - among the most expensive stocks in market
- Stock fell 10% Tuesday but still near triple the IPO price, adding equivalent of PayPal's market cap in past days
- Company benefiting from AI chip demand, with licensing customers planning products to support AI ambitions
- Despite sky-high valuation, analysts mostly bullish with average price target still 39% below current price
- After blowout holiday quarter, analysts watching for signals from Nvidia earnings Wednesday amid battle for world's 3rd largest company