107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月_老虎社区_美港股上老虎

107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月

华尔街见闻2024-02-20

因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，可能会出现大举抛售导致股价下跌的情形。Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个...

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涨跌赚钱
·2024-02-20
好公司，好股票，会更多人，更多基金投资Arm股票，值得长期持有！
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紫川左光明王
·2024-02-20
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Arm's big problem: SoftBank, a big shareholder with a 90% stake, lifted the ban, just in March","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/9d39f93bfde01e596bc64981a2802920","symbols_score_info":{"ARM":1},"content_text":"因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，可能会出现大举抛售导致股价下跌的情形。Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个原因是其仅有10%的股票在市场上流通，股价敏感性强，容易放大任何走势并加剧做空风险。这也是为何，尽管持有大量Arm股份，但软银的股价涨幅却低于理论预期——市场担心在3月软银解禁前，Arm的涨势会耗尽。FactSet的数据显示，Arm目前的预期市盈率为107倍，而芯片“一哥”英伟达的预期市盈率为59倍，远低于Arm，意味着Arm股价目前被显著“高估”。根据Breakingviews的测算，如果要让Arm最新估值达到符合分析师假设的营业利润率为45%的水平，Arm必须在今年财年内实现收入翻番。考虑到作为主要收入来源之一的许可证收入不稳定、难预估，且Arm赖以生存的智能手机市场的增长正在放缓，“收入翻番”的假设可能很难实现。有媒体观点分析认为，软银可以考虑采取两种途径“解困”。一是用Arm股份作抵押，但该方案的风险在于，一旦AI情绪恶化将会带来股价下跌。二是软银可以效仿此前出售阿里巴巴股份的方式，通过预付远期合约，在几年后用股票或现金结算合同，避免直接向市场抛售股票。在AI热潮的助推下，Arm从去年9月上市以来，股价已经翻了一番，自本月公布了超预期的财报以来，股价更是在三天内涨超90%，目前累计涨幅超过66%。软银股价今年以来累涨26%，自Arm公布最新财报来涨幅达到20%。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":276107499409536,"gmtCreate":1708439312407,"gmtModify":1708439314061,"author":{"id":"27243347292954","authorId":"27243347292954","name":"涨跌赚钱","avatar":"https://static.tigerbbs.com/50d81f7086394a20413981803ebd600f","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"27243347292954","authorIdStr":"27243347292954"},"htmlText":"好公司，好股票，会更多人，更多基金投资Arm股票，值得长期持有！","listText":"好公司，好股票，会更多人，更多基金投资Arm股票，值得长期持有！","text":"好公司，好股票，会更多人，更多基金投资Arm股票，值得长期持有！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/276107499409536","repostId":2412971711,"repostType":2,"repost":{"id":"2412971711","kind":"news","pubTimestamp":1708397115,"share":"https://www.laohu8.com/m/news/2412971711?lang=zh_CN&edition=full","pubTime":"2024-02-20 10:45","market":"us","language":"zh","title":"107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月","url":"https://stock-news.laohu8.com/highlight/detail?id=2412971711","media":"华尔街见闻","summary":"因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。","content":"<html><head></head><body><blockquote><p>因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。</p></blockquote><p>芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？</p><p>目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，<strong>可能会出现大举抛售导致股价下跌的情形</strong>。</p><p>Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个原因是其仅有10%的股票在市场上流通，股价敏感性强，容易放大任何走势并加剧做空风险。</p><p>这也是为何，尽管持有大量Arm股份，但软银的股价涨幅却低于理论预期——<strong>市场担心在3月软银解禁前，Arm的涨势会耗尽。</strong></p><p>FactSet的数据显示，Arm目前的预期市盈率为107倍，而芯片“一哥”<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>的预期市盈率为59倍，远低于Arm，<strong>意味着Arm股价目前被显著“高估”。</strong></p><p>根据Breakingviews的测算，如果要让Arm最新估值达到符合分析师假设的营业利润率为45%的水平，Arm必须在今年财年内实现收入翻番。</p><p>考虑到作为主要收入来源之一的许可证收入不稳定、难预估，且Arm赖以生存的智能手机市场的增长正在放缓，“收入翻番”的假设可能很难实现。</p><p>有媒体观点分析认为，软银可以考虑采取两种途径“解困”。</p><p>一是用Arm股份作抵押，但该方案的风险在于，一旦AI情绪恶化将会带来股价下跌。</p><p>二是软银可以效仿此前出售<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>股份的方式，通过预付远期合约，在几年后用股票或现金结算合同，避免直接向市场抛售股票。</p><p>在AI热潮的助推下，Arm从去年9月上市以来，股价已经翻了一番，自本月公布了超预期的财报以来，股价更是在三天内涨超90%，目前累计涨幅超过66%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53bff51c4365697a62d6bb7b96b37e33\" tg-width=\"560\" tg-height=\"240\"/></p><p>软银股价今年以来累涨26%，自Arm公布最新财报来涨幅达到20%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abda63bf82b9b605b7d7d77c3f5ade4a\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","source":"wallstreetcn_hot_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-20 10:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3708607><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，可能会出现大举抛售导致股价下跌的情形。Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3708607\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c52270e1c683d550b2e8417288a06d7c","relate_stocks":{"ARM":"ARM Holdings","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1688375341.USD":"贝莱德中国灵活股票基金","BK4524":"宅经济概念","BK4220":"综合零售","BK4543":"AI","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","BK4527":"明星科技股","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","BK4526":"热门中概股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4141":"半导体产品","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC"},"source_url":"https://wallstreetcn.com/articles/3708607","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2412971711","content_text":"因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，可能会出现大举抛售导致股价下跌的情形。Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个原因是其仅有10%的股票在市场上流通，股价敏感性强，容易放大任何走势并加剧做空风险。这也是为何，尽管持有大量Arm股份，但软银的股价涨幅却低于理论预期——市场担心在3月软银解禁前，Arm的涨势会耗尽。FactSet的数据显示，Arm目前的预期市盈率为107倍，而芯片“一哥”英伟达的预期市盈率为59倍，远低于Arm，意味着Arm股价目前被显著“高估”。根据Breakingviews的测算，如果要让Arm最新估值达到符合分析师假设的营业利润率为45%的水平，Arm必须在今年财年内实现收入翻番。考虑到作为主要收入来源之一的许可证收入不稳定、难预估，且Arm赖以生存的智能手机市场的增长正在放缓，“收入翻番”的假设可能很难实现。有媒体观点分析认为，软银可以考虑采取两种途径“解困”。一是用Arm股份作抵押，但该方案的风险在于，一旦AI情绪恶化将会带来股价下跌。二是软银可以效仿此前出售阿里巴巴股份的方式，通过预付远期合约，在几年后用股票或现金结算合同，避免直接向市场抛售股票。在AI热潮的助推下，Arm从去年9月上市以来，股价已经翻了一番，自本月公布了超预期的财报以来，股价更是在三天内涨超90%，目前累计涨幅超过66%。软银股价今年以来累涨26%，自Arm公布最新财报来涨幅达到20%。","news_type":1,"symbols_score_info":{"ARM":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":275965240586368,"gmtCreate":1708413375620,"gmtModify":1708413376869,"author":{"id":"3515323953584109","authorId":"3515323953584109","name":"紫川左光明王","avatar":"https://static.tigerbbs.com/ea72991a30d53a11e034e002132bd005","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3515323953584109","authorIdStr":"3515323953584109"},"htmlText":"阅","listText":"阅","text":"阅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/275965240586368","repostId":2412971711,"repostType":2,"repost":{"id":"2412971711","kind":"news","pubTimestamp":1708397115,"share":"https://www.laohu8.com/m/news/2412971711?lang=zh_CN&edition=full","pubTime":"2024-02-20 10:45","market":"us","language":"zh","title":"107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月","url":"https://stock-news.laohu8.com/highlight/detail?id=2412971711","media":"华尔街见闻","summary":"因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。","content":"<html><head></head><body><blockquote><p>因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。</p></blockquote><p>芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？</p><p>目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，<strong>可能会出现大举抛售导致股价下跌的情形</strong>。</p><p>Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个原因是其仅有10%的股票在市场上流通，股价敏感性强，容易放大任何走势并加剧做空风险。</p><p>这也是为何，尽管持有大量Arm股份，但软银的股价涨幅却低于理论预期——<strong>市场担心在3月软银解禁前，Arm的涨势会耗尽。</strong></p><p>FactSet的数据显示，Arm目前的预期市盈率为107倍，而芯片“一哥”<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>的预期市盈率为59倍，远低于Arm，<strong>意味着Arm股价目前被显著“高估”。</strong></p><p>根据Breakingviews的测算，如果要让Arm最新估值达到符合分析师假设的营业利润率为45%的水平，Arm必须在今年财年内实现收入翻番。</p><p>考虑到作为主要收入来源之一的许可证收入不稳定、难预估，且Arm赖以生存的智能手机市场的增长正在放缓，“收入翻番”的假设可能很难实现。</p><p>有媒体观点分析认为，软银可以考虑采取两种途径“解困”。</p><p>一是用Arm股份作抵押，但该方案的风险在于，一旦AI情绪恶化将会带来股价下跌。</p><p>二是软银可以效仿此前出售<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>股份的方式，通过预付远期合约，在几年后用股票或现金结算合同，避免直接向市场抛售股票。</p><p>在AI热潮的助推下，Arm从去年9月上市以来，股价已经翻了一番，自本月公布了超预期的财报以来，股价更是在三天内涨超90%，目前累计涨幅超过66%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53bff51c4365697a62d6bb7b96b37e33\" tg-width=\"560\" tg-height=\"240\"/></p><p>软银股价今年以来累涨26%，自Arm公布最新财报来涨幅达到20%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/abda63bf82b9b605b7d7d77c3f5ade4a\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","source":"wallstreetcn_hot_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n107倍的PE！Arm的大问题：持股90%的大股东软银解禁，就在3月\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-20 10:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3708607><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，可能会出现大举抛售导致股价下跌的情形。Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3708607\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c52270e1c683d550b2e8417288a06d7c","relate_stocks":{"ARM":"ARM Holdings","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1688375341.USD":"贝莱德中国灵活股票基金","BK4524":"宅经济概念","BK4220":"综合零售","BK4543":"AI","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","BK4527":"明星科技股","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","BK4526":"热门中概股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4141":"半导体产品","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC"},"source_url":"https://wallstreetcn.com/articles/3708607","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2412971711","content_text":"因高溢价且流通量小，市场担忧Arm的涨势将很快耗尽，使软银套现蒙受风险。芯片设计巨头Arm股价起飞让软银回了一波血，但另一个问题随之浮现：涨势能持续多久？目前，Arm90%的股份由软银持有，价值约1180亿美元。根据IPO条款，软银在3月后可出售Arm的股票，但考虑到Arm上市流通量小，可能会出现大举抛售导致股价下跌的情形。Arm股价大涨一部分缘于其超预期的业绩报告和盈利预期，但不能忽视的另一个原因是其仅有10%的股票在市场上流通，股价敏感性强，容易放大任何走势并加剧做空风险。这也是为何，尽管持有大量Arm股份，但软银的股价涨幅却低于理论预期——市场担心在3月软银解禁前，Arm的涨势会耗尽。FactSet的数据显示，Arm目前的预期市盈率为107倍，而芯片“一哥”英伟达的预期市盈率为59倍，远低于Arm，意味着Arm股价目前被显著“高估”。根据Breakingviews的测算，如果要让Arm最新估值达到符合分析师假设的营业利润率为45%的水平，Arm必须在今年财年内实现收入翻番。考虑到作为主要收入来源之一的许可证收入不稳定、难预估，且Arm赖以生存的智能手机市场的增长正在放缓，“收入翻番”的假设可能很难实现。有媒体观点分析认为，软银可以考虑采取两种途径“解困”。一是用Arm股份作抵押，但该方案的风险在于，一旦AI情绪恶化将会带来股价下跌。二是软银可以效仿此前出售阿里巴巴股份的方式，通过预付远期合约，在几年后用股票或现金结算合同，避免直接向市场抛售股票。在AI热潮的助推下，Arm从去年9月上市以来，股价已经翻了一番，自本月公布了超预期的财报以来，股价更是在三天内涨超90%，目前累计涨幅超过66%。软银股价今年以来累涨26%，自Arm公布最新财报来涨幅达到20%。","news_type":1,"symbols_score_info":{"ARM":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":7,"commentSize":2,"repostSize":2,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}