ARM Holdings (NASDAQ: ARM) continued its remarkable ascent on Monday, marking the fourth consecutive trading session with significant gains. The stock’s trajectory mirrors the upward trend in AI-focused companies such as Nvidia (NASDAQ: NVDA) and Super Micro Computer (NASDAQ: SMCI).
During midday trading on Monday, ARM stock surged by over 20% to reach $140.21, hitting a record high of $164 earlier in the session.
The surge follows last week’s impressive performance, where ARM posted better-than-expected results for its fiscal third quarter and provided a bullish outlook for the current period.
In a conference call with analysts, Chief Executive Rene Haas underscored the company’s strong momentum in artificial intelligence, highlighting its pivotal role in powering data-center processors for industry giants like Amazon (AMZN), Microsoft (MSFT), and Nvidia, as well as its integration in edge devices like Samsung’s Galaxy S24 smartphone.
Analyst Endorses ARM Holdings (NASDAQ: ARM)
Meanwhile, Analyst Kevin Cassidy from Rosenblatt Securities reaffirmed his buy rating on ARM stock, increasing the price target from $110 to $140, citing the company’s unexpected earnings beat and optimistic outlook.
Cassidy said,
“Arm’s earnings beat and raise caught the Street by surprise. Obviously, the short squeeze on the shares was epic, and we believe has led to the re-evaluation on Arm’s business model.”
Nvidia stock rose 1.9% to $735.30, while Super Micro Computer stock surged 6.9% to $791.68 during Monday’s afternoon trading.
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