On July 16, ARM Holdings fell 3.08% in pre-market trading, trading at 269.0 USD/share, with turnover of 157.46万美元. The decline marks a continuation of selling pressure following HSBC's rating downgrade earlier this week.

On the news front, HSBC downgraded ARM from Buy to Hold while raising its target price from $255 to $315, explicitly noting that the stock had surged 122% since the March Arm Everywhere launch event — far outpacing the Philadelphia Semiconductor Index's 57% gain over the same period. The bank stated that current valuations have fully priced in long-term growth expectations. HSBC also flagged global wafer foundry capacity bottlenecks as a core constraint, likely limiting the pace of near-term earnings realization for ARM's server CPU business.

The broader semiconductor sector continued to weaken, with Micron Technology down 1.83%, Advanced Micro Devices down 2.32%, Taiwan Semiconductor Manufacturing down 2.06%, Intel down 1.30%, and NVIDIA down 0.90%, amplifying systematic selling pressure on ARM.

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