Arm shares fall on smartphone and AI chip supply worries
Arm shares fell 5% on smartphone market softness and AI chip supply issues. Record revenue was offset by concerns over securing enough manufacturing capacity.
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ARM HOLDINGS PLC-ADR shares fell 5% to $225.43 on May 7 after the United Kingdom-based designer warned of smartphone weakness. The drop erased $12B in market value, despite the stock more than doubling in value earlier this year. Record quarterly revenue faces headwinds from supply constraints for new artificial intelligence chips.
