Chip tech provider Arm narrows full-year forecast, stock plunges

Chip tech provider Arm Holdings said on Wednesday it will no longer meet the top end of its previous full-year guidance, but slightly topped Wall Street’s current-quarter expectations. Arm shares slumped about 6% in extended trading after the report.

Since Arm went public in 2023, it has more than tripled its market value as investors bet it would see a significant share of the artificial intelligence boom that propelled Nvidia to become the world’s most valuable company. But Arm does not typically enjoy growth spurts in boom times because it makes…