Arm Holdings (ARM) News Today – 23 November 2025: Nvidia Tie-Up Deepens, Big Funds Buy the Dip and Regulators Close In

Arm Holdings plc (NASDAQ: ARM) heads into the final week of November sitting near $131.57 per share, down from its autumn highs but still dramatically above its 2023 IPO price. The SoftBank‑backed chip designer remains at the center of three big storylines today: heavy institutional buying, a deepened strategic partnership with Nvidia in AI data centers, and fresh regulatory pressure out of South Korea. ^[1]

Below is a detailed, investor‑focused wrap of everything new around Arm on 23 November 2025, and how it fits into the company’s broader AI strategy.

ARM stock today: where the shares stand

Last close: ~$131.57 (Nasdaq, 21 November close; markets are shut for the weekend). ^[2]
Market cap: ~$139–144 billion, depending on source and FX timing. ^[3]
Valuation: Trailing P/E around 168–169, with a high PEG ratio and a beta above 4, underlining how tightly the stock trades with the high‑growth, high‑volatility AI complex. ^[4]
52‑week range: roughly $80.00 – $183.16, with the recent AI selloff leaving Arm about a quarter below its peak. ^[5]

Several quantitative screens note that Arm’s daily range recently has sat in the mid‑$120s to low‑$130s, with average daily volume a bit above 6 million shares, again underscoring a very liquid but volatile name. ^[6]

Big funds quietly loaded up on ARM in Q2

The most concrete news dated 23 November 2025 comes from fresh 13F‑style disclosures, which show several large asset managers adding meaningfully to their Arm positions:

Franklin Resources Inc.
- Increased its stake by 27.9% in Q2, buying an additional 309,698 shares.
- Now owns 1,417,829 shares, or about 0.13% of Arm, valued at roughly $229 million at the time of filing. ^[7]
Handelsbanken Fonder AB
- Boosted its ARM position by 42.2%, adding 36,028 shares.
- Total holdings now sit at 121,482 shares, valued near $19.6 million. ^[8]
Ensign Peak Advisors Inc.
- Lifted its stake by 41.3%, purchasing an extra 31,574 shares.
- Now holds 107,964 shares, worth about $17.5 million. ^[9]

These moves come on top of positions disclosed by other institutional investors and hedge funds, with MarketBeat data indicating that a mid‑single‑digit percentage of Arm’s float is institutionally held—low compared with many mega‑caps, but notable given the company’s relatively short trading history as a re‑listed public company. ^[10]

Takeaway for investors:
While retail traders have focused on Arm’s roller‑coaster price action, the latest filings suggest long‑only asset managers have been buying the recent dip, betting that Arm’s AI and data‑center roadmap will ultimately outgrow current volatility.

Wall Street’s view: new Market Perform” rating and valuation debate

Raymond James resumes coverage at Market Perform”

On Friday and into the weekend, Raymond James resurfaced as a key new voice on the stock:

The firm resumed/initiated coverage of Arm Holdings (ARM) with a Market Perform” (Hold) rating, signalling a more cautious stance than many early post‑IPO bulls. ^[11]

Raymond James’ neutral call arrives in a context where most covering analysts remain bullish:

Recent summaries show Arm with 1 strong buy, 18 buy and 8 hold ratings, for an overall Moderate Buy” consensus.
The average 12‑month price target sits near $180 per share, implying substantial upside from current levels – but from peak prices seen in late October, that upside looks far more modest. ^[12]

On the other side of the ledger, Morningstar reiterated earlier this month that it views Arm as significantly overvalued”, even after strong Q2 numbers and the DreamBig acquisition (more on that below). ^[13]

Interpretation:

Street consensus still frames Arm as a long‑term AI winner, especially in data‑center and client CPUs.
Valuation‑sensitive analysts are increasingly vocal that even great fundamentals may already be more than priced in.

Arm and Nvidia: NVLink Fusion tie‑up puts Neoverse deeper into AI data centers

One of the biggest strategic developments shaping today’s commentary is Arm’s newly detailed partnership with Nvidia around NVLink Fusion, announced on 17 November and analyzed in depth this weekend. ^[14]

What was announced

According to Arm’s own newsroom and follow‑up reports:

Arm is extending its Neoverse data‑center platform to integrate Nvidia’s NVLink Fusion high‑bandwidth, coherent interconnect. ^[15]
That means Arm‑based CPUs designed by cloud providers or chipmakers can connect directly to Nvidia’s AI GPUs via NVLink Fusion, bypassing the limitations of PCIe and reducing memory and bandwidth bottlenecks in AI training and inference clusters. ^[16]
Arm CEO Rene Haas framed the move as bringing Grace Blackwell‑class performance, bandwidth and efficiency” to any partner building on Neoverse – essentially letting third‑party Arm chips reach the same CPU–GPU integration class as Nvidia’s own Grace platforms. ^[17]
Nvidia’s Jensen Huang described NVLink Fusion as the connective fabric of the AI era,” linking CPUs, GPUs and accelerators into a coherent rack‑scale architecture; the expanded partnership lets that fabric run across a much wider range of Arm‑based CPUs. ^[18]

TechRadar and Tom’s Hardware both highlight that this dramatically expands the number of CPUs that can pair natively with Nvidia GPUs, giving hyperscalers like AWS, Google, Microsoft, Oracle and Meta more options to build custom Arm CPUs tightly coupled to Nvidia accelerators. ^[19]

Why this matters for ARM stock

Commentary pieces circulating today (including a Simply Wall St note shared via Yahoo and trading platforms) argue that Arm’s deepened Nvidia partnership could shift the competitive balance in AI data centers:

It makes Arm more central to Nvidia’s ecosystem without locking Nvidia into its own Grace CPU line.
It raises the ceiling for Arm‑based Neoverse CPUs to compete directly with Intel Xeon, AMD Epyc and even Nvidia’s in‑house Grace/Vera CPUs in GPU‑heavy servers. ^[20]
It strengthens Arm’s pitch to governments and hyperscalers pursuing sovereign AI” infrastructure, including projects like the multi‑partner Stargate” AI super‑cluster, which is expected to mix Arm CPUs with Nvidia GPUs at massive scale. ^[21]

For investors, the key implication is that Arm’s data‑center story is becoming as much about interconnect and platform standards as raw CPU design. That can deepen Arm’s economic moat—but also invites closer antitrust scrutiny of how open those standards really are.

DreamBig Semiconductor acquisition: Arm moves closer to AI networking silicon

Another theme in today’s coverage is November’s surprise reveal that Arm is buying DreamBig Semiconductor, a privately held AI‑networking chip startup, for about $265 million in cash. ^[22]

Deal details

Arm’s October 2025 regulatory filing disclosed an agreement to acquire all outstanding equity interests of DreamBig for $265 million, subject to purchase‑price adjustments and regulatory approvals. ^[23]
The deal is expected to close by the end of Arm’s fiscal Q4 2026 (around March 2026). ^[24]
DreamBig, founded in 2019 by former Marvell engineering director Sohail Syed, designs chiplet‑based AI networking silicon for data centers, including its Mercury AI‑SuperNIC, which connects GPUs with very high‑efficiency links. ^[25]

Analysts at EE Times and Morningstar note that DreamBig’s IP straddles both physical silicon and licensable IP blocks, and overlaps with networking offerings from Broadcom, Marvell and Nvidia. That’s reignited speculation that Arm may go beyond IP licensing and sell more complete chips in AI networking, especially as it invests more heavily in its Compute Subsystem (CSS) semi‑custom” designs. ^[26]

For Arm shareholders, DreamBig is a small deal in dollar terms, but strategically it:

Strengthens Arm’s hand in the data‑center fabric and AI networking layer.
Could make future Neoverse‑based designs more of a full platform—CPU, interconnect and NIC—rather than just CPU IP.
Adds to the narrative that Arm is slowly inching toward more in‑house silicon, not just licensing cores.

Earnings backdrop: AI demand continues to drive revenue beat

All of this rides on a very strong fundamental backdrop from Arm’s second quarter of fiscal year ending 2026, reported on 5 November:

Q2 revenue:$1.14 billion, up 34% year‑over‑year, beating consensus of ~$1.06 billion.
Adjusted EPS:$0.39, vs. ~$0.33 expected. ^[27]
Q3 revenue guidance: around $1.23 billion at the midpoint, above analyst expectations (~$1.1 billion), largely on the back of AI‑driven demand. ^[28]
Royalties climbed 21% to $620 million, while licensing revenue jumped 56% to $515 million, helped by high‑value deals and adoption of more complete CSS designs. ^[29]

Arm reiterated that its designs now power nearly every smartphone on the planet, and that it expects Arm‑based CPUs to reach close to 50% share of CPU deployments at top hyperscalers by 2025, thanks to cloud chips like Google’s Axion, which the company says deliver up to 60% better performance‑per‑watt vs comparable x86 designs. ^[30]

These numbers help explain why, despite recent volatility, institutions continue to accumulate the stock—and why valuation is such a contentious topic.

Regulatory and legal overhangs: Korea’s antitrust probe and the Qualcomm appeal

South Korea’s Fair Trade Commission investigates Arm’s licensing model

Earlier this week, South Korea’s Fair Trade Commission (FTC) launched a high‑profile investigation into Arm’s Seoul office following a complaint from Qualcomm. ^[31]

According to Reuters and Economic Times summaries:

Regulators are scrutinizing whether Arm is restricting access to its CPU designs and harming competition after more than two decades of running what was seen as a relatively open” licensing network.
Qualcomm alleges that Arm has been tightening licensing terms, potentially disadvantaging rivals and handset makers that rely heavily on Arm’s CPU IP.
Arm, Qualcomm and the Korean FTC all declined detailed public comment beyond acknowledging the investigation. ^[32]

The Korean probe lands on top of existing tensions in the relationship.

Ongoing Qualcomm litigation in the U.S.

In a separate but related matter, Arm confirmed in October that it plans to appeal a U.S. federal court ruling that largely upheld Qualcomm’s victory in a CPU licensing dispute involving its Nuvia subsidiary. ^[33]

A Delaware jury previously found that Nuvia’s CPUs were properly licensed under an existing agreement with Arm.
Arm asked the judge to overturn the verdict or grant a new trial; both requests were denied, prompting the planned appeal. ^[34]

Regulatory and legal risks are increasingly part of the Arm investment story, especially as the company’s architecture moves from dominant in mobile to foundational in cloud and AI infrastructure.

AI selloff, SoftBank exposure and AI‑bubble worries

Arm’s huge run‑up in 2024–2025 made it one of the poster children of the AI trade, and recent pullbacks haven’t gone unnoticed.

A broader AI‑chip selloff this month hit names like Nvidia, AMD, Intel and Arm simultaneously, with at least one Bloomberg piece today noting that Arm shares have slid more than 20% from their highs as investors reassess sky‑high AI multiples. ^[35]
SoftBank, which still owns around 90% of Arm, has itself shed roughly $50 billion in market value during the AI correction, according to CoinCentral, with Arm’s share price decline amplifying volatility in SoftBank’s stock. ^[36]

The SoftBank angle cuts both ways for ARM shareholders:

On the one hand, SoftBank’s large stake limits free‑float and can make Arm’s price more sensitive to flows and sentiment.
On the other, SoftBank’s own incentives strongly favor supporting Arm’s long‑term positioning in AI—even if that means tolerating short‑term volatility.

How does all of this net out for investors?

Putting today’s news in context:

Bullish forces

Strong, AI‑driven earnings momentum and above‑consensus guidance. ^[37]
A deepening strategic partnership with Nvidia via NVLink Fusion that embeds Neoverse more deeply into next‑gen AI data centers. ^[38]
Strategic acquisitions like DreamBig that broaden Arm’s reach into AI networking chiplets. ^[39]
Institutional accumulation suggesting large money managers see long‑term upside from current levels. ^[40]

Bearish / risk factors

Rich valuation metrics relative to near‑term earnings, with some fundamental shops explicitly calling the stock overvalued. ^[41]
Regulatory and legal risks, especially around licensing practices and Qualcomm‑related disputes. ^[42]
High share‑price sensitivity to AI sentiment, as seen in recent drawdowns tied to broader tech and AI corrections. ^[43]

For long‑term investors, Arm today looks like a high‑beta, high‑conviction AI infrastructure bet: enormous strategic tailwinds in AI, data centers and custom silicon, but also meaningful regulatory, competitive and valuation risks.

What to watch next

Looking beyond today’s headlines, key watchpoints for ARM over the coming weeks and months include:

Regulatory updates
- Any indication from South Korea’s FTC on preliminary findings.
- Signals from other regulators who might follow Korea’s lead in probing Arm’s licensing model.
NVLink Fusion adoption roadmap
- Announcements from hyperscalers or chip partners committing to Neoverse + NVLink Fusion designs.
- Clarity on timelines for first silicon and deployments.
DreamBig integration
- Further details on how Arm plans to productize DreamBig’s AI‑networking IP—as licensable blocks, reference designs or potentially Arm‑branded chips.
SoftBank’s capital decisions
- Any move to sell down its Arm stake or use Arm shares in further financing transactions could affect supply/demand dynamics for ARM stock.

Note: This article is for information and news purposes only and does not constitute investment advice. Always do your own research or consult a licensed financial advisor before making trading or investment decisions.

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