ASML - Why Arm Holdings Stock Took a Dive Today
2024-04-17 18:08:00 ET
Shares of Arm Holdings (NASDAQ: ARM) were taking it on the chin today after a disappointing earnings report from ASML Holdings (NASDAQ: ASML) led to a broad-based sell-off in artificial intelligence (AI) stocks. Arm was the worst performer of the group as its shares finished the day down 12%, which was even worse than ASML's 7.1% drop.
Artificial intelligence stocks have soared in recent months, and Arm has been among the winners. The chip designer, known for highly efficient CPU architecture, has seen revenue growth accelerate from the breakout technology.
However, ASML's update this morning threw cold water on the sector and led to a broad sell-off in AI stocks. As one of the most expensive in the sector, Arm got hit hard on the news.
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Why Arm Holdings Stock Took a Dive Today