Semiconductor manufacturer Arm Holdings PLC (ARM US) stock price surged 50% in intra-day trading as third quarter results handily beat expectations and full-year revenue forecasts were increased due to strong chip demand for AI and smartphone technology. ARM short interest is $957 million, 12.42 million share shorted, 1.22% SI % Float. ARM is the 14th largest short in the semiconductor sector.

Semiconductor Short Interest

Ticker

SI % Float

Short Interest

NVIDIA CORP

NVDA

1.18%

$19,623,260,659

ADVANCED MICRO DEVICES

AMD

2.76%

$7,535,141,826

BROADCOM INC

AVGO

1.12%

$6,442,092,943

INTEL CORP

INTC

1.46%

$2,638,624,767

TEXAS INSTRUMENTS

TXN

1.67%

$2,407,557,837

QUALCOMM INC

QCOM

1.28%

$2,082,069,045

TAIWAN SEMICONDUCTOR ADR

TSM

0.30%

$1,960,871,769

MICROCHIP TECH INC

MCHP

4.11%

$1,810,184,658

ON SEMICONDUCTOR

5.42%

$1,771,933,016

MICRON TECHNOLOGY

1.77%

$1,653,209,323

MARVELL TECHNOLOGY INC

MRVL

2.37%

$1,411,375,101

ANALOG DEVICES INC

ADI

1.31%

$1,239,038,202

NXP SEMICONDUCTORS NV

NXPI

2.06%

$1,175,761,890

ARM HOLDINGS PLC ADR

ARM

1.22%

$956,743,652

MONOLITHIC POWER SYSTEMS

MPWR

2.62%

$772,669,717

LATTICE SEMICONDUCTOR

LSCC

8.66%

$754,443,895

FIRST SOLAR INC

FSLR

4.29%

$621,966,859

GLOBALFOUNDRIES INC

GFS

14.48%

$595,459,808

SKYWORKS SOLUTIONS

SWKS

3.00%

$495,947,941

WOLFSPEED INC

WOLF

14.87%

$486,099,683

Semiconductor Short Interest

2.48%

$59,430,418,204

Short interest in the Semiconductor sector has been increasing even with the Philadelphia Semiconductor Index up over 7% for the year. But the increase of short interest in the sector was made up of a $4.4 billion of mark-to-market increase of the value of the shares shorted partially offset by $1.1 billion of short covering. Short sellers were actively trimming their semiconductor exposure as stock prices rose. NVDA was the outlier with $1.36 billion of increased short selling in 2024 while AMD, AVGO, INTC, QCOM, ON, ADI and MPWR each had over $100 million of short covering.

Semiconductor Short Interest (in $ millions)

Ticker

Short Interest

YTD Short Interest Change

YTD Shs Shorted

YTD MTM Change

NVIDIA CORP

NVDA

$18,300

$6,001

$1,357

$4,645

ADVANCED MICRO DEVICES

AMD

$7,602

$357

($650)

$1,006

BROADCOM INC

AVGO

$6,287

($538)

($1,189)

$651

INTEL CORP

INTC

$2,691

($887)

($352)

($535)

TEXAS INSTRUMENTS

TXN

$2,517

($90)

$95

($185)

QUALCOMM INC

QCOM

$2,148

($174)

($165)

($9)

TAIWAN SEMICONDUCTOR ADR

TSM

$2,002

$304

$53

$251

MICROCHIP TECH INC

MCHP

$1,794

($167)

($16)

($151)

ON SEMICONDUCTOR

$1,749

($383)

($199)

($184)

MICRON TECHNOLOGY

$1,632

($92)

($77)

($15)

MARVELL TECHNOLOGY INC

MRVL

$1,357

$212

$83

$129

ANALOG DEVICES INC

ADI

$1,237

($329)

($259)

($70)

NXP SEMICONDUCTORS NV

NXPI

$1,142

$36

($33)

ARM HOLDINGS PLC ADR

ARM

$849

$88

$110

($22)

MONOLITHIC POWER SYSTEMS

MPWR

$731

($212)

($216)

LATTICE SEMICONDUCTOR

LSCC

$719

($73)

$13

($85)

FIRST SOLAR INC

FSLR

$596

($92)

$32

($125)

GLOBALFOUNDRIES INC

GFS

$568

($97)

($98)

SKYWORKS SOLUTIONS

SWKS

$503

($30)

$14

($44)

WOLFSPEED INC

WOLF

$503

($178)

$85

($263)

Top Twenty

$54,926

$3,623

($1,242)

$4,866

Total Sector

$59,430

$3,365

($1,063)

$4,429

Shorting the semiconductor sector has not been a profitable trade in 2024 with short sellers down just over $7.00 billion in year-to-date mark-to-market losses, -12.23%. Almost one fifth of those losses were generated today with $1.22 billion in intraday mark-to-market losses hitting profit & loss ledgers. ARM was the most unprofitable short in the sector today, down $445 million in daily mark-to-market losses. AVGO, TSM and MPWR short-side losses also topped the -$100 million level while NVDA, AMD and INTC short sellers did manage to land on the positive P\L side.

Semiconductor MTM P\L

Ticker

Day MTM P\L

P\L %

YTD MTM P\L

P\L %

NVIDIA CORP

NVDA

$27,092,466

0.15%

($5,436,929,715)

-34.96%

ADVANCED MICRO DEVICES

AMD

$59,774,172

0.79%

($1,001,906,239)

-13.33%

BROADCOM INC

AVGO

($135,845,061)

-2.16%

($823,018,224)

-13.00%

INTEL CORP

INTC

$12,906,884

0.48%

$504,755,415

16.80%

TEXAS INSTRUMENTS

TXN

($27,174,403)

-1.08%

$160,713,472

6.22%

QUALCOMM INC

QCOM

($36,077,343)

-1.68%

($49,695,433)

-2.31%

TAIWAN SEMICONDUCTOR ADR

TSM

($132,238,539)

-6.60%

($479,821,105)

-25.85%

MICROCHIP TECH INC

MCHP

($28,981,109)

-1.62%

$117,510,306

6.39%

ON SEMICONDUCTOR

($77,937,255)

-4.45%

$87,452,751

4.87%

MICRON TECHNOLOGY

($4,919,168)

-0.30%

$512,800

0.03%

MARVELL TECHNOLOGY INC

MRVL

($52,593,843)

-3.88%

($233,053,323)

-17.76%

ANALOG DEVICES INC

ADI

($14,184,852)

-1.15%

$46,679,729

3.52%

NXP SEMICONDUCTORS NV

NXPI

($34,923,242)

-3.06%

$5,113,807

0.46%

ARM HOLDINGS PLC ADR

ARM

($444,549,450)

-52.38%

($482,282,186)

-58.28%

MONOLITHIC POWER SYSTEMS

MPWR

($103,066,179)

-14.11%

($102,578,790)

-13.57%

LATTICE SEMICONDUCTOR

LSCC

($33,530,583)

-4.66%

$24,282,141

3.13%

FIRST SOLAR INC

FSLR

$7,812,113

1.31%

$114,386,826

18.15%

GLOBALFOUNDRIES INC

GFS

($25,564,714)

-4.50%

$63,612,109

9.98%

SKYWORKS SOLUTIONS

SWKS

($4,465,869)

-0.89%

$36,875,139

7.48%

WOLFSPEED INC

WOLF

($41,255,732)

-8.20%

$235,210,993

40.49%

Top Twenty

($1,089,721,707)

-1.98%

($7,212,179,527)

-13.67%

Total Sector

($1,221,944,046)

-2.06%

($7,006,172,706)

-12.23%

The semiconductor sector is not relatively crowded on the short side with a 27/100 Crowded score versus the U.S. average of 32/100 but is slightly more squeezable than the average U.S. stock with a 38/100 score versus the average of 35/100. With today’s stock price move ARM is set to join MVDA as the most squeezable stocks in the semiconductor sector.

We should expect a reversal of the short selling trend we have seen in ARM in 2024 as short sellers get squeezed out of their positions. Short covering during today’s rally should continue for the next few days as short sellers look for a slight rebound to the upside to recoup some of their mark-to-market losses as they trim exposure.

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ARM Shorts Down $445 Million on 50% Price Surge

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