Arm Stock Is Soaring Again. The Shares Are More Popular Than Tesla or Apple.

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Arm

Chip Designer Stocks are set to rise for a second day after the announcement of the largest initial public offering in 2023.

Traders flocked to the stock, with premarket volume far higher than other popular stocks.

Shares of ARM (ticker: ARM ) rose 25 percent on Thursday as the chip designer made its debut in New York. The company was strongly superior to the wider market, with

S&P 500
Future 0.1% and technology-heavy tracking of contracts

Nasdaq
0.1% pour.

The group’s IPO attracted a lot of investor attention, with the stock collecting 1.5 million shares in premarket trading volume as of 6:45 a.m. ET, 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 about 250,000 and 115,000, respectively.

“There is strong appetite among investors for new issues,” said Neil Wilson, analyst at BrokerMarket.com. ”

Cornerstone

Investors played a big role, but retail was showing interest.

ARM designs chips for various semiconductor manufacturers, whose processor designs are used in all current smartphones. The company’s go-public is its biggest listing in a year and has the potential to start cooling capital markets in 2023 — a win for startups and Wall Street alike.

Write to Jack Denton at [email protected]