Move over, Nvidia. There’s a new artificial intelligence (AI) stock making waves across Wall Street.
Arm Holdings (NASDAQ: ARM) has been public for less than six months, but the chip company best known for licensing its low-power processor designs has edged out even Nvidia so far in 2024. Through March 6, Arm stock is up 82% for the year, compared to a 79% gain for Nvidia.
Arm shares surged on its earnings report in February after the company beat quarterly estimates and raised its guidance significantly for the fiscal year. The company also made it clear that it was fully participating in the AI boom.
“The AI wave drove licensing growth, as these new devices require Arm’s performant and power-efficient compute platform,” said CEO Rene Haas in the fiscal Q3 2024 press release. The company further noted that its better-than-expected license revenue growth of 18% was due to demand for…
