Arm shares spike after chip designer gives strong forecast, says AI is increasing sales

Arm makes the CPU architecture for chips found in nearly all smartphones. An Arm chip is shown here in San Jose, California, on October 12, 2023.Arm reported fiscal third-quarter earnings that beat estimates and gave a strong profit forecast for the current quarter. The shares soared more than 20% in extended trading.Here's how the company did versus LSEG consensus estimates for the quarter ending December:Revenue: $824 million, vs. $761 million expectedEPS: 29 cents adjusted, vs 25 cents expected.Arm, whos ...