On July 17, ARM Holdings fell 3.08% overnight, trading at 254.01 USD/share, with turnover of 3.3829 million USD.

On the news front, HSBC previously downgraded ARM from Buy to Hold, while simultaneously raising its target price from 255 USD to 315 USD. The bank explicitly noted that ARM shares had rallied 122% since the March Arm Everywhere launch event, far outpacing the Philadelphia Semiconductor Index's 57% gain over the same period, indicating current valuations have fully priced in long-term growth expectations. HSBC also flagged global wafer foundry capacity bottlenecks as a constraint that could limit near-term earnings delivery in the server CPU business.

The broader semiconductor sector continued to face systematic selling pressure, with Micron Technology down 3.4%, Intel down 3.26%, Advanced Micro Devices down 2.34%, NVIDIA down 1.78%, and Taiwan Semiconductor Manufacturing down 0.91%, amplifying ARM's pullback.

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