ARM Holdings Surges 5.7% as Bernstein Raises Target to $500, Argues Agentic AI 'Disproportionately Benefits' CPUs Over GPUs

ARM Holdings climbed 5.69% to $418.88 on June 17 after Bernstein raised its price target to $500 from $300, arguing that the shift to agentic AI systems 'disproportionately benefits ARM-based CPUs over GPUs' because multi-step orchestration and autonomous task execution are CPU-intensive workloads. Bernstein simultaneously raised its 2030 server CPU total addressable market estimate to $223B from $137B; Mizuho, Barclays, and Bank of America also raised ARM targets the same session. Applied Materials rose 4.35% in the same session while ServiceNow fell 5.77% and Meta dropped 5.44%, marking a sharp split between hardware AI beneficiaries and software names hit by Fed hawkishness.