AI Company Arm Reports Strong Results, Sparks Rally in AI Stocks
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AI company Arm Holdings reported better-than-expected quarterly results and gave a strong forecast, sparking a rally in AI stocks.
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CEO said "AI is not in any way a hype cycle," and they are only at the beginning of the profound AI opportunity.
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Investors are excited about the potential for continued growth as more companies implement AI over the next years.
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The AI stocks that rallied included server company Super Micro Computer, AI solutions provider C3.ai, chipmaker Taiwan Semiconductor, warehouse automation company Symbotic, and audio solutions provider SoundHound AI.
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Of the group, Taiwan Semiconductor and Super Micro Computer are profitable, while SoundHound AI and C3.ai have higher valuations based on price-to-sales ratios.