鉴于Arm在价值捕获机会上的多样化，包括可能自研芯片，摩根士丹利对其中长期前景保持乐观，同时 在该公司7月30日公布第一季度财报前调整对其2026/27财年的预测：上调2025年授权收入增长预期，从 8%提高至11%，主要得益于中国市场的限制放宽;下调2026年特许权使用费增长预期，从22%降至 20%，反映消费电子需求疲软;上调运营支出预期，预计未来两年运营支出复合年增长率约为12%，反映 公司计划扩大招聘(未来2-3年将工程师团队从目前的约6900人增至1万人以上);2027年调整后每股收益 (EPS)预期降至2.94美元，营收预期调整为64.3亿美元。 该行提到，行业内对Arm芯片项目的猜测普遍存在。分析师近期走访中国台湾省时发现，尽管未获得接 近流片的具体证据，但关于Arm芯片项目性质的讨论十分活跃。摩根士丹利强调，由于转型仍处于早期 阶段，即便缺乏公司近期确认，市场势头也不会减弱，投资者正等待更多来自公司的明确信息。该行的 最新观点是，预计新芯片设计的流片最早要等到2026年上半年。 摩根士丹利发表研报，将Arm(ARM.US)目标价从150美元上调至194美元，维持"增持"评级。该行指 出，Arm ...

Key Takeaways ARM is projected to report Q1 EPS of 34 cents on $1.04B in revenue, with earnings down 15% year over year.ARM's top-line growth is expected to stem from Royalty revenues, despite year-over-year segment declines.The stock surged 46% in 3 months, trading at 85.2X forward earnings versus the industry average of 34.18X.Arm Holdings plc (ARM) will report its first-quarter fiscal 2026 results on July 30, after the bell.The Zacks Consensus Estimate for earnings in the to-be-reported quarter stands at ...

July 27, 2025 11:02 PM GMT Arm Holdings plc | North America ARM's Potential Chip Shift Promises Robust Market Stand | What's Changed | | | | --- | --- | --- | | Arm Holdings plc (ARM.O) | From | To | | Price Target | US$150.00 | US$194.00 | It's widely believed that Arm intends to make its own chips one day. We would view such a shift as transformative. The company will release Q1 numbers on Wednesday, July 30, after CoB, and we adjust FY26/27 forecasts ahead of this. We maintain an Overweight rating but ra ...

Group 1 - Multiple companies are scheduled to release their earnings reports throughout the week, indicating a busy earnings season [1] - On Monday, companies like 铿腾电子 are set to report their performance [1] - On Tuesday, Stellantis and AstraZeneca will release their earnings before the European market opens [1] Group 2 - Major U.S. companies such as Boeing, UnitedHealth, and Procter & Gamble are expected to report earnings before the U.S. market opens on Tuesday [1] - Following that, Visa, Booking, and Starbucks will report their earnings after the U.S. market closes on Tuesday [1] - On Wednesday, significant tech companies including Microsoft, Meta Platforms, Qualcomm, and Arm Holdings are scheduled to release their earnings after the U.S. market closes [1] Group 3 - Mastercard is set to report its earnings before the U.S. market opens on Thursday [1] - Apple, Amazon, MicroStrategy, Coinbase, and Coherent will report their earnings after the U.S. market closes on Thursday [1] - On Friday, ExxonMobil, Chevron, and Regeneron Pharmaceuticals are expected to release their earnings before the U.S. market opens [1]

Core Insights - The artificial intelligence industry is experiencing a bullish trend, with investors showing interest despite concerns over stock valuations [1][2] - There is an urgency for investors to consider lower-profile AI stocks that may offer significant upside potential [2] Group 1: Arm Holdings - Arm Holdings specializes in designing semiconductor chips and licenses its designs to manufacturers, including those for AI-capable devices [5] - The company’s processors are noted for their power efficiency, consuming up to 60% less electricity than conventional chips, which positions them well for the growing data center market [6] - Arm aims to capture 50% of the global data center market by the end of the year, leveraging its partnerships, particularly with Amazon Web Services [6][7] Group 2: Navitas Semiconductor - Navitas Semiconductor focuses on enhancing older silicon technology to better suit modern applications, particularly in power-intensive sectors [8][9] - The company’s gallium nitride technology allows for energy-efficient designs, making it suitable for various electronic devices and power systems [10] - Analysts project a revenue growth of 51% next year and 39% the following year, indicating a positive outlook despite current volatility and unprofitability [13] Group 3: SoundHound AI - SoundHound AI has advanced voice recognition technology by integrating machine learning for contextual understanding, making it applicable in various customer service and automotive scenarios [15] - The company is transitioning to a subscription-based revenue model, which has introduced some volatility in its stock performance [16] - Projected revenue growth of 27% next year reflects the company’s potential to capture a share of the rapidly growing voice-based AI market, which is expected to grow at an average annual rate of 35% through 2033 [17][18]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Arm's entry into the cloud ASIC market raises concerns as it competes with established IC design firms like Broadcom and Marvell, which have also expanded into ASIC services. Arm has yet to secure significant orders from major cloud service providers (CSPs) [8] - Yangtze Memory Technologies Corp (YMTC) aims for a fully domestic production line and targets a 15% global market share by 2026, leveraging local suppliers and overcoming previous production bottlenecks [9] - The demand for NVIDIA's GB200 servers and ASIC servers is strong, indicating robust growth in the cloud service provider sector, despite concerns over AWS layoffs affecting future growth [10] Summary by Sections Arm's ASIC Market Entry - Industry insiders suggest that Arm's move into the ASIC business is not entirely competitive against its customers, as established firms are also entering this space. Arm has not yet secured significant cloud ASIC orders, and market leaders still dominate [8] YMTC's Domestic Production Strategy - YMTC is collaborating with Chinese suppliers to implement a fully domestic production line, aiming to match international standards in 3D NAND technology. The company has received substantial funding to support its semiconductor manufacturing advancements [9] CSP Demand and Server Shipments - The strong demand for GB200 servers and ASIC servers is expected to yield positive results for U.S. CSPs. Despite tariff-related challenges, customer orders remain robust, suggesting continued growth in the AI-driven cloud market [10]

Arm Holdings (ARM -0.30%) has emerged as one of the top semiconductor and artificial intelligence (AI) stocks on the market today. After going public in 2023, the stock soared as investors realized it had more exposure to AI than they initially believed. Today, Arm stock is expensive, trading at a price-to-sales ratio of 38, but it also has a robust set of competitive advantages that set it apart from any other stock in its industry.There are two things that are unique about Arm. First, its business model i ...

Core Viewpoint - Arm Holdings has established itself as a crucial player in the semiconductor industry, particularly in mobile phone processors, by licensing its designs rather than manufacturing them directly [1][4]. Company Overview - Arm Holdings went public in September 2023, with its market cap exceeding $65 billion at launch, and it has since more than doubled to over $160 billion [5]. - The company has been in operation since 1990, remaining private for 33 years before its IPO, which limited its growth potential compared to earlier-stage companies like Amazon [7]. Financial Performance - In fiscal 2025, Arm reported a net income of $792 million from over $4 billion in revenue, reflecting a profit growth of 159% [9]. - Analysts project a net income growth of 9% for the next fiscal year, followed by a 34% increase in fiscal 2027 [9]. Market Cap and Investment Potential - For an investment of $10,000 to reach $1 million, Arm's market cap would need to grow to approximately $16 trillion, which is significantly higher than its current valuation [6][12]. - The stock currently has a P/E ratio of 200, and a forward P/E ratio of 85, indicating that investors are paying a premium for the stock relative to its earnings [10]. Long-term Outlook - Despite its current size and valuation, Arm's essential role in mobile processor design positions it for potential long-term shareholder gains [13]. - However, the substantial market cap already achieved limits the likelihood of turning smaller investments into millionaire status [11][12].

Core Viewpoint - Arm Holdings has experienced a recent decline in stock price but shows signs of recovery, with a significant increase in shares over the past three months, outperforming the Nasdaq Composite index [1][2]. Group 1: Stock Performance and Valuation - Arm's stock is currently down approximately 16% from its all-time high in mid-2024, while the Nasdaq Composite is near its all-time highs [1]. - Over the past three months, Arm's shares have surged by 56%, compared to a 28% increase in the Nasdaq Composite [2]. - The stock is now trading at a more attractive valuation, with a price-to-earnings ratio of 193, significantly lower than its ratio at the end of June 2024 [3][7]. - Analysts expect a forward earnings multiple of 79, indicating anticipated earnings growth [7]. Group 2: Earnings Growth and Market Demand - Arm has demonstrated impressive earnings growth over the past 18 months, contributing to its relatively cheaper valuation [5]. - The demand for Arm's intellectual property (IP) and chip architecture has surged, particularly due to advancements in artificial intelligence (AI) [10]. - There has been a 14x increase in the number of customers using Arm-based chips in data centers over the past four years, with major cloud computing companies adopting its architecture [11]. - The number of applications compatible with Arm-based chips has doubled since 2021, driven by a 1.5x increase in developers creating those applications [12]. Group 3: Market Share and Future Expectations - Arm aims to capture 50% of the data center CPU market by the end of 2025, a significant increase from last year's figures [13]. - The company also targets 50% of the PC CPU market by 2029, representing a sixfold increase compared to last year [14]. - Higher royalty rates for its latest Armv9 architecture have positively impacted Arm's margin profile [14]. - Analysts expect Arm's earnings growth to exceed expectations due to market share gains and increased royalty rates for AI-focused chip designs [18].

Core Insights - Microvast (MVST) and Arm Holdings (ARM) are both key players in the technology sector, focusing on innovative solutions in electrification and semiconductor design respectively [1][2] Microvast Overview - MVST is a leader in the electrification revolution, specializing in advanced lithium-ion batteries, including the MV-I battery and True All-Solid-State Battery (ASSB) [3][4] - The MV-I battery has an energy density of 180 Wh/kg and is gaining traction in the $7.7 billion electric boat market, with a partnership with Evoy to integrate MV-I into their product line [4] - In 2024, MVST's revenues grew by 23.9% year-over-year, driven by a 41.6% increase in sales volume from 1,139.6 MWh in 2023 to 1,613.6 MWh in 2024 [4][9] - The company is expected to see rapid revenue growth as it expands into the boat market, addressing the demand for fast-charging solutions [5] - MVST's True ASSB technology enhances safety, energy density, and efficiency for various applications, positioning the company for future growth in robotics and electric vehicles [6] - The battery market is highly competitive, dominated by major players like Tesla, Samsung SDI, and BYD, which poses challenges for MVST in gaining market share [7] Arm Holdings Overview - Arm Holdings serves as a foundational innovator in digital services, known for its energy-efficient chip designs that are widely used in mobile computing, particularly in devices from Apple and Samsung [8][9] - The company reported record quarterly revenues exceeding $1 billion, driven by increased demand for Armv9 chips in smartphones and data centers [11] - The number of customers using ARM-based chips in data centers has surged 14 times to 70,000 since 2021, indicating a growing market for its efficient chip architecture [11] - However, Arm faces challenges in China, its second-largest market, due to the rising adoption of RISC-V architecture, which could weaken its competitive position [12] Financial Estimates - The Zacks Consensus Estimate for Microvast's 2025 sales is $466.7 million, reflecting a year-over-year growth of 22.9%, with earnings expected at 13 cents per share [13] - For Arm Holdings, the 2025 sales estimate is $4.7 billion, indicating a 17.1% year-over-year growth, with earnings projected at $1.72 per share [13] - MVST is currently trading at a forward P/E ratio of 16.44X, significantly lower than ARM's 81.13X, making MVST a more attractive investment option despite both companies being fundamentally strong [15][18]