Arm Holdings Stock Today, November 23, 2025: Analyst Coverage, Big-Money Buying and AI Hopes Collide

Published: November 23, 2025 – for informational purposes only, not investment advice.

Arm stock snapshot heading into the new week

Arm Holdings plc (NASDAQ: ARM) heads into the Thanksgiving week trading well below its recent peak but still firmly in the market’s AI elite.

Last close (Friday, Nov. 21): $131.57
After-hours Friday: around $132
52‑week range: roughly $80.00 – $183.16
Market cap: about $139 billion
Key multiples: P/E ~168x, PEG ~7.9, beta ~4.1 ^[1]

From a price-action perspective, ARM has fallen about 12% in the last two weeks, sliding from the high‑$140s in mid‑November to the low‑$130s on Friday as profit‑taking hit AI‑exposed semiconductor names. ^[2]

Yet year‑to‑date, the stock is still up around 7% from roughly $123 at the start of 2025, reflecting how quickly Arm’s IPO story morphed into a core way to play AI infrastructure. ^[3]

With U.S. markets closed over the weekend, $131.57 is the reference price for Sunday, November 23, 2025. Today’s story is less about intraday moves and more about fresh coverage from Wall Street and a new wave of institutional buying.

1. New today: Raymond James initiates coverage with a “Hold”

One of the most notable Arm headlines dated November 23, 2025 is that Raymond James has officially initiated coverage on ARM.

According to a note summarized by Defense World, Raymond James:

Starts Arm at “Hold”
Adds to an already broad analyst roster that skews bullish
Slotting Arm into the AI leader camp but signaling that valuation leaves limited near‑term upside ^[4]

The same report highlights where Raymond James fits into the broader Street view:

The consensus rating on ARM is “Moderate Buy”
Roughly 1 “Strong Buy,” 18 “Buy” and 8 “Hold” ratings
Average price target: about $179.80, implying ~37% upside from Friday’s close ^[5]

In other words, today’s new coverage doesn’t change the story dramatically: Arm is still seen as one of the most strategically important AI chip IP platforms in the market – but multiple analysts now explicitly acknowledge that investors are paying a premium multiple for that position.

2. Big-money vote of confidence: three institutions boost their ARM stakes

The other major theme in today’s news flow (23 November 2025) is institutional capital quietly increasing its exposure to ARM. A cluster of new 13F‑style disclosures from MarketBeat‑tracked filings landed today, all showing funds adding to Arm in Q2.

Franklin Resources Inc. – adding more than 300,000 shares

A filing summarized this morning shows that Franklin Resources Inc.:

Increased its ARM stake by 27.9% in Q2
Bought an additional 309,698 shares
Now holds 1,417,829 shares, or about 0.13% of the company
Valued at roughly $229.3 million at the time of filing ^[6]

Handelsbanken Fonder AB – stake up 42.2%

A separate article today reports that Handelsbanken Fonder AB:

Lifted its position by 42.2%
Added 36,028 shares, bringing its total to 121,482 shares
With an approximate value of $19.65 million based on recent prices ^[7]

Ensign Peak Advisors Inc. – 41.3% position increase

A third piece shows Ensign Peak Advisors Inc. also ramping up exposure:

Stake increased by 41.3%
Additional 31,574 shares
New total: 107,964 shares
Valued at about $17.46 million ^[8]

What that buying means in aggregate

Across these three institutions alone, Q2 filings show about 377,300 additional ARM shares purchased, worth roughly $50 million at around $131.50 per share.

That may be small relative to Arm’s $139 billion market cap, but it’s meaningful in the context of a stock where SoftBank still controls roughly 87% of the equity and only around 12% of the float is freely tradable, according to public filings and LSEG estimates. ^[9]

In a tightly‑held name, marginal institutional buying can matter more at the edges, especially when it overlaps with growing analyst coverage and widespread AI enthusiasm.

3. Recap: earnings and guidance still support the AI growth story

Today’s headlines sit on top of a still‑fresh November 5 earnings report that re‑anchored the Arm narrative firmly in AI.

According to Arm’s most recent quarter and related commentary:

Q2 FYE 2026 revenue: about $1.14 billion, up ~34% year‑on‑year
Adjusted EPS:$0.39, ahead of consensus around $0.33
Royalty revenue: up about 21% to $620 million
Licensing revenue: jumped roughly 56% to $515 million, helped by high‑value contracts and Compute Subsystems (CSS) designs ^[10]

For the current fiscal quarter (Arm’s Q3), the company:

Guided to about $1.23 billion in revenue at the midpoint, above analyst estimates near $1.1 billion
Issued EPS guidance in a $0.37 – $0.45 range ^[11]

The drivers are exactly what AI‑focused investors want to hear:

Data‑center and AI workloads are pushing demand for Arm’s energy‑efficient cores.
Arm expects its share of CPUs deployed by top hyperscalers to approach 50%, as cloud giants increasingly adopt Arm‑based designs in their own chips. ^[12]

This earnings backdrop is one reason analyst sentiment remains constructive even as valuation worries rise.

4. Nvidia NVLink Fusion partnership: why it matters for ARM stock

On top of earnings, Arm has picked up a major strategic catalyst in recent days: a deeper tie‑up with Nvidia around NVLink Fusion, a next‑generation high‑speed interconnect for AI data centers.

Two key pieces of coverage spell out what’s changing:

At Supercomputing ’25, Arm and Nvidia announced that Arm is joining the NVLink Fusion ecosystem, enabling Arm‑based CPUs to connect directly to Nvidia AI accelerators through NVLink rather than only via PCIe. ^[13]
A GuruFocus/TradingView note explains that Arm will fold NVLink Fusion into its Neoverse platform, a family of server‑class designs already widely used by hyperscalers like Amazon, Microsoft, Oracle, Google and Meta. ^[14]

For investors, the implications are straightforward:

Bigger AI TAM: NVLink Fusion integration lets Arm‑licensed, custom server CPUs slot more easily into Nvidia‑centric AI racks, expanding Arm’s potential share of the data‑center CPU market tied to AI.
Stronger ecosystem lock‑in: Cloud providers that want Nvidia GPUs plus custom CPUs now have a pre‑integrated Arm path, which could make the Arm architecture even more “default” for AI‑heavy cloud workloads.
Competitive pressure on x86 and rivals: NVLink Fusion support may intensify competitive pressure on Intel and AMD in certain high‑end data‑center designs, while also complicating the narrative for alternative fabrics like UALink. ^[15]

Trading coverage notes that when the partnership was first discussed, Arm shares slipped alongside Nvidia’s, highlighting how tightly the stock is now linked to sentiment around AI hardware spending. ^[16]

5. The catch: valuation is still Arm’s biggest overhang

If today’s theme is “strong business, debated price,” valuation is where that debate is loudest.

MarketBeat‑sourced metrics and related coverage show that at Friday’s close:

P/E ratio: about 168x trailing earnings
PEG ratio: around 7.9
EV/EBITDA: roughly 112x as of November 23, 2025 ^[17]

Independent valuation tools go further. One popular fundamental site:

Estimates Arm’s “fair value” at about $19.59 per share using a Peter Lynch–style earnings‑growth model, implying an ~85% downside from $131.57. ^[18]
Uses comparable P/E bands to suggest a fair price closer to the mid‑teens, again far below the current market quote. ^[19]

Those models are only one view – and they can be wrong, especially with high‑growth, high‑optionality platforms like Arm. But they do capture why some analysts, including Raymond James, are willing to sit at “Hold” despite the AI megatrend behind the business. ^[20]

In other words:

The fundamentals and strategic position look excellent; the question is whether investors are already paying tomorrow’s price today.

6. SoftBank, AI volatility, and why ARM trades like a leveraged AI bet

Today’s institutional buying also needs to be read against a bigger backdrop: Arm as a key component of SoftBank’s AI portfolio and the AI market’s recent wobble.

SoftBank still owns about 87% of Arm, leaving a relatively small free float and amplifying day‑to‑day volatility in ARM shares. ^[21]
A recent Reuters Breakingviews analysis notes that Arm’s valuation in public markets may be inflated in part because just ~12% of its shares are freely traded, even as SoftBank uses Arm, T‑Mobile and other holdings to back its aggressive AI bets, including a large stake in OpenAI. ^[22]
Another article on CoinCentral describes how a recent AI sector pullback wiped roughly $50 billion off SoftBank’s market value in a week, with Arm’s U.S. listing sliding in tandem as investors reassessed lofty AI multiples. ^[23]

For ARM stock, this means:

Macro AI sentiment matters almost as much as Arm’s own numbers.
When investors worry about AI spending, GPU demand or SoftBank’s leverage, ARM often trades like a high‑beta proxy for the entire theme.

That helps explain why the stock can fall sharply even after good company‑specific news – and why big institutional buyers might view pullbacks as a chance to accumulate shares that are otherwise tightly held.

7. What to watch next week for ARM stock

Heading into the new week, here are the key drivers ARM investors will be watching:

Follow‑through from Raymond James and other analysts
- Does today’s new “Hold” initiation spark more coverage – perhaps new targets, upgrades or downgrades – as the Street digests Arm’s NVLink and AI‑data‑center story? ^[24]
Institutional flows beyond today’s filings
- Today’s Franklin, Handelsbanken and Ensign Peak disclosures cover Q2. The next round of 13F and international filings will reveal whether the buying continued into the recent pullback, or whether some funds have started trimming after Arm’s big post‑IPO run. ^[25]
AI sector sentiment and Nvidia‑related headlines
- Any fresh data on AI server orders, GPU demand, or hyperscaler capex could move ARM, especially given the new NVLink Fusion tie‑in.
- Nvidia’s own commentary and broader AI‑spending news remain critical reference points. ^[26]
SoftBank developments
- Moves by SoftBank around AI investments, capital structure, or potential monetisation of Arm (via secondary offerings or margin structures) can reshape supply‑demand dynamics for the stock almost overnight. ^[27]
Volatility around macro data and rates
- High‑multiple, AI‑linked stocks like ARM tend to react strongly to interest‑rate expectations and risk‑appetite shifts, so U.S. inflation prints, bond‑yield moves and tech‑sector flows matter.

8. Bottom line for November 23, 2025

For today, November 23, 2025, the Arm story looks like this:

Fundamentals: Strong – rapid revenue growth, AI‑driven demand, a deepening partnership with Nvidia, and rising hyperscaler adoption. ^[28]
Sentiment: Still broadly positive among analysts, but starting to show more nuance as valuation stretches. ^[29]
Flows: Fresh data today show multiple large investors quietly buying more ARM stock, even as the share price has pulled back from its highs. ^[30]
Risk: Valuation is elevated by almost any traditional metric, and the stock remains highly sensitive to swings in AI sentiment and SoftBank’s broader strategy.

For news and Discover readers, that makes ARM one of the purest, but also most volatile, ways to express a view on the long‑term economics of AI infrastructure. Any decision to buy, hold or sell should weigh that upside narrative against the very real downside risk from its stretched multiples and concentrated ownership.

Why Arm Holdings Is Winning Big in AI!