Arm stock was set to soar for a second day after the chip designer went public in the biggest initial public offering of 2023.
Traders were flocking to the shares, with premarket volumes much higher than other popular stocks.
Shares in Arm (ticker: ARM) advanced 25% on Thursday as the chip designer made its debut in New York, with the stock up another 9% in the Friday premarket. The group was firmly outperforming the wider market, with S&P 500 futures up 0.1% and contracts tracking the tech-heavy Nasdaq shedding 0.1%.
The group’s IPO has attracted significant investor attention, with the stock garnering a premarket trading volume of more than 550,000 shares as of around 4:30 a.m. Eastern time, according to Dow Jones Market Data. For reference, the next two most actively traded stocks in the premarket— Tesla (TSLA) and Apple (AAPL)—had volumes of around 50,000 and 30,000, respectively.
Arm designs chips for a range of semiconductor manufacturers, with its processor designs used in almost every current smartphone. The group’s go-public is the biggest listing in almost a year and has the potential to kick-start capital markets that have been in a lull in 2023—a win for start-ups and Wall Street alike.
Write to Jack Denton at [email protected]
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