Why Arm Holdings Stock Was Pulling Back Today
Key Points
Chip stocks fell broadly today as the fallout from Jensen Huang's resignation continues.
Nvidia could be interested in Arm CEO Rene Haas for the top job.
Arm is at a pivotal moment as it's about to launch its new Arm AGI CPU.
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Shares of Arm Holdings (NASDAQ:ARM) were sliding today as part of a broader pullback in the chip sector.
One day after Jensen Huang's resignation announcement rocked the industry, sector stocks were still reeling as Huang was the most visible advocate for AI and an engine of its growth through Nvidia. Without him, Nvidia's future is up in the air, and that holds implications for partners like Arm that depend on Nvidia's growth and demand.
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In addition to the broader downtrend in the chip sector, Arm CEO Rene Haas has also been mentioned as a potential replacement, and Financial Times reported that the Nvidia board approached Haas about potentially replacing Huang as its CEO.
As of 3:53 p.m. ET, Arm was down 4.4% on the news.
Image source: The Motley Fool.
Is Arm going to lose its CEO?
Haas is one of several candidates the Nvidia board is reportedly considering, and it's unclear if he's interested in the position. Haas previously worked at Nvidia and has had a close relationship with the company as Arm CEO. Arm had even agreed to be acquired by Nvidia before regulators broke up the deal.
If Haas does take the top job at Nvidia, it would come at a challenging time for Arm, as it's about to launch its first in-house chip, the ARM AGI CPU, and Arm's future is dependent in large part on the success of the new chip.
However, Nvidia's poaching of Haas could also benefit Arm, as it could strengthen the relationship between the two companies and give Arm favored status with Nvidia.
What's next for Arm
Nvidia will report earnings next Tuesday, and the results and commentary could move Arm stock. Keep an eye out for any other news on the prospects of Haas becoming Nvidia's next CEO, as that's likely to move the stock as well.
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Jeremy Bowman has positions in Arm Holdings and Nvidia. The Motley Fool has positions in and recommends Arm Holdings and Nvidia. The Motley Fool has a disclosure policy.
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