Why Artificial Intelligence (AI) Stock Arm Holdings Slumped Today
Arm plc(ARM) The Motley Fool·2024-07-30 02:58
A dose of uncertainty from Wall Street weighed on the shares.Shares of Arm Holdings (ARM -4.93%) stumbling out of the gate on Monday and never recovered, falling as much as 6.9%. As of 2:16 p.m. ET, the stock was still down 4.9%.The catalyst that sent the chipmaker and artificial intelligence (AI) specialist lower was the dour outlook of one Wall Street analyst.Getting ahead of itself?Analysts at HSBC downgraded Arm to reduce (hold) while simultaneously increasing the firm's price target to $105, up from $1 ...