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Arm Holdings is the third-best performer of 2024 in AI-related semiconductor stocks with a 56% YTD return, behind only Nvidia and Taiwan Semiconductor. The stock is a market favorite as Arm’s heterogenous compute design has created a monopoly in mobile, primarily, yet Arm’s RISC architecture is also found in PCs, powers sensors and supercomputers. In total, over 280 billion Arm-based chips have been shipped dating back to the 1980s.
Arm’s adjusted EPS guide also came in below consensus estimates for the quarter, with Arm projecting $0.23 to $0.27 in EPS, short of the $0.28 estimate. While these may seem like thin margins for a miss, Arm’s premium valuation offers little room for error. However, on the backs of a QoQ decline in royalty revenue in Q1, v9 revenue growth has decelerated dramatically, despite increasing its mix share by 500 bp QoQ. Growth decelerated from 46% QoQ in Q4 to 14% QoQ in Q1, reaching $116.8 million.v9 revenue growth is expected to reaccelerate to above 30% QoQ in Q2, and remain at that level in Q3 as royalty revenue returns to QoQ growth, with ~9% QoQ estimated for Q2 and ~12% QoQ for Q3.
· In desktops, Arm lost 31 bp QoQ to 5.9% share, AMD also lost 83 bp QoQ to 21.6% share, while Intel’s share rose 113 bp QoQ to 72.5%.
Arm Holdings NVDA Stock AMD Stock AI Chip Stocks AI Stocks Nvidia AMD Arm AI Semiconductor Stocks
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