perets/E+ via Getty Images ARM Holdings plc (NASDAQ:ARM) continues to have a great story in AI chips, but the stock was grossly overvalued heading into FQ1'25 earnings. The business is highly reliant on repeat royalties from existing chip sales in other markets, while the market wants to pretend the chip technology licensing company is an AI startup. My investment thesis remains Bearish on the stock, even after the 17% dip following disappointing FQ2 guidance.   Source: Finviz Massive FQ1 ARM reported a ...