Arm Shares Rise More Than 50% on AI Craze

Shares of British chip designer Arm surged more than 50% after its earnings report surprised analysts and suggested artificial intelligence may be driving a recovery in the semiconductor industry. Arm’s chip designs are in nearly all the world’s smartphones, making its results an indicator of the health of the handset market. A faster-than-expected shift to AI gave a boost to the results, Arm executives said.