Bullish Reception for Arm Holdings 10/9/23

The chip designer Arm gained a number of bulls today as its post-debut quiet period ends, with more than 10 firms involved in underwriting the IPO initiating coverage of the company at a “buy” rating or equivalent, despite the stock being down more than 20% from the intra-day high after it IPO-ed. That’s good news for Softbank founder Masayoshi Son, as Arm has become his firm’s new crown jewel after Alibaba, going from a 12% stake in March last year to 22% as of June this year.