Arm Holdings (NASDAQ: ARM) shares faced a significant downturn today following disappointing earnings from ASML Holdings (NASDAQ: ASML), causing a widespread sell-off in the artificial intelligence (AI) sector. Arm experienced the most significant decline, with its shares dropping by 12%, surpassing ASML’s 7.1% decrease.
Arm’s Share Price Plunge
The recent surge in artificial intelligence stocks, including Arm, has been remarkable. Arm, renowned for its efficient CPU architecture, has witnessed a surge in revenue due to breakthrough technology.
However, ASML’s negative update this morning dampened investor sentiment across the AI industry, triggering a broad sell-off. Being one of the priciest stocks in the sector, Arm bore the brunt of the news.
Image source: Getty Images.
ASML’s revenue decline and bleak sales forecast for the second quarter were in line with Wall Street expectations, but the market reaction was swift and severe.
2024-04-17 17:08:00
Originally posted on finance.yahoo.com
