🔴 Arm Holdings falls 1.7% despite CEO highlighting strong AI chip demand, new customer wins

Shares of Arm Holdings plc are trading down 1.7% today, a move that comes despite positive company-specific news. The pullback follows a strong rally in the previous session driven by AI enthusiasm linked to Nvidia's announcements.

• Arm CEO Rene Haas announced on June 2 that ByteDance and Oracle are new customers for the company's AGI CPU, signaling strong demand.
• Haas also stated that the company may reach its $15 billion AI chip revenue target ahead of its 2031 deadline due to hotter-than-expected demand.
• In an interview, the CEO commented that it would be difficult for the U.S. to ban exports of AI-capable CPUs to China given their widespread use.