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May 21, 2026 8:01 PM

A New Chipmaker Just Topped Micron's 2026 Return, Thanks To Nvidia

Nvidia Corp.‘s (NASDAQ:NVDA) record quarter handed the market a clear winner this week. It wasn’t Nvidia.

Shares of Arm Holdings plc (NASDAQ:ARM) climbed 38% in three sessions, leapfrogging Micron Technology Inc. (NASDAQ:MU) to claim second place in the year-to-date performance ranking of the iShares Semiconductor ETF (NASDAQ:SOXX).

The British chip designer is now up roughly 170% in 2026.

Chart: Shares Of Arm Holdings Notched Best 3-Day Rally In Over 2 Years

What Drove the Move

The catalyst stack has three layers.

At the top sits Nvidia Corp.’s record quarter, which lifted every name with credible exposure to artificial-intelligence infrastructure.

Below that, a fresh Bernstein initiation on May 18 reframed the Arm bull case. And under both sits Arm’s own fourth-quarter fiscal 2026 print earlier this month, quarterly ...