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