British chip designer ARM Holdings' stock soars amid AI hype

AI hype makes it possible: British chip designer ARM Holdings has seen its market value nearly double in less than a week. The reason is last week's financial results, which showed a growing demand for AI technology. ARM's shares have risen about 98 percent since the results were announced. ARM's technology is not directly used for AI, but chipmakers like Nvidia use ARM technology in their chips. ARM's customers include household names like Apple and Taiwan Semiconductor Manufacturing Company (TSMC). ARM chips are used in almost every smartphone.