Arm’s AI chip technology will reportedly be used in Apple’s iPhone 16
Shares of chipmaker Arm Holdings (NASDAQ:ARM) are up 3.3% to trade at $121.15 at last check, after the Financial Times reported the company’s artificial intelligence (AI) chip technology will be used in Apple’s (AAPL) iPhone 16 that is slated for unveiling later today.
Since going public in September 2023, ARM has outperformed on the charts. The security boasts an 88.8% nine-month lead, and is up 62.9% in 2024. On July 9, Arm stock touched an all-time high of $188.75, though it’s pulled back considerably since, with at least two of its rallies losing steam below the $140 level.
Short interest is up 23.7% over the last month, and the 17.27 million shares sold short represent 13.8% of ARM’s total available float. Plus, the stock’s Schaeffer’s Volatility Scorecard (SVS) of 91 out of 100 shows that it exceeded option traders’ volatility expectations over the last year.