On Thursday (May 21), during the U.S. stock market session, the GPU/CPU sector showed significant divergence, with ARM Holdings (ARM.US) becoming the biggest highlight. ARM.US rose 10.03% to $282.47, reaching a peak increase of 10.81% during the session, setting a new historical high, and its market capitalization surpassed $300 billion for the first time; its leveraged ETF (ARMG.US) rose 19.83% to $29.25, with a peak increase of 21.59% during the session. Marvell Technology (MRVL.US) rose 3.93% to $194.15, with a peak increase of 4.16% during the session; its 2x leveraged ETF (MVLL.US) rose 7.12%. Broadcom (AVGO.US) rose 0.89% to $421.49.
Nvidia (NVDA.US) showed relatively restrained performance during the session, slightly rising 0.24% to $224.01 as of the time of writing, with a peak increase of 1.76% reaching $227.40 during the session. After the earnings report, buying concentrated at the moment of opening, followed by a continuous retreat in gains; the 2x leveraged ETF (NVDL.US) rose 0.33% (with an intraday fluctuation of 3.43%), while the inverse ETF (NVDD.US) fell 0.71%.
On the downside, Intel (INTC.US) fell 1.87% to $116.74, with its derivative INTW.US falling 3.11%, amplifying the downward movement; AMD (AMD.US) fell 1.74% to $439.79; Cerebras Systems (CBRS.US) fell 1.25% to $287.07, opening at $293.70, close to the day's high, and then continuously declined to $283.05, with a maximum intraday drop of about 4%, showing a typical high open and low close pattern; its 2x leveraged ETF (CBRG.US) fell 2.43%.
In terms of news, Nvidia announced its Q1 performance after the market closed yesterday, with revenue growing 85% year-on-year, exceeding expectations, and the Q2 outlook also better than market expectations. However, after a surge in stock price post-announcement, there was a significant retreat in gains, reflecting that the market has already priced in expectations for its performance. Against this backdrop, market funds shifted towards the &#34;second-tier leaders&#34; in the AI computing power chain—ARM benefited from the &#34;CPU Renaissance&#34; theme, with the industry generally reflecting that the ratio of CPU to GPU in AI training is rapidly shifting from the traditional 1:8 towards 1:1 or even 4:1. Some AI startups have begun to significantly increase CPU procurement, and the importance of CPUs has been revalued by the market; Marvell continued the &#34;Trainium industry chain revaluation&#34; main line, combined with the recent $2 billion strategic investment from NVDA and AMD's strategic stake, further elevating its position in the custom silicon track.
Regarding CBRS, as a core speculative target of the earlier &#34;next-generation AI chips benchmarked against Nvidia/AMD&#34; theme, after Nvidia's performance was realized, market sentiment turned rational, showing a typical &#34;good news realized sell-off&#34; reaction

INTC

ARM (ARM.US) rose over 10% to reach a historic high (market value first broke 300 billion), Marvell rose nearly 4% continuing the Trainium revaluation trend. Nvidia's Q1 revenue increased by 85%, exceeding expectations, but the stock price retraced its gains. CBRS opened high but fell during the day with a maximum drop of about 4%, while AMD and INTC also declined

- On May 21, U.S. stocks saw a significant divergence in the GPU/CPU sector, with ARM Holdings rising 10.03% to $282.47, marking a market cap increase above $300 billion.  
- Nvidia reported Q1 earnings with an 85% year-on-year revenue growth, but its stock gave back gains post-announcement, indicating that expectations were already priced in.  
- The market is shifting focus to ARM and Marvell Technology, reflecting a reevaluation of CPU importance in AI, as the ratio of CPU to GPU usage in training processes is rapidly changing.

Movers Alert

Intel

Marvell Tech

Roundhill ARM WeeklyPay ETF

Direxion Semicon Bull 3X

iShares Semiconductor ETF

SPDR S&P Semicon

VanEck Semiconductor ETF

Leverage Shares 2X Long ARM Daily ETF

Invesco PHLX Semiconductor ETF

Invesco Semiconductors ETF

First Trust Nasdaq Food & Semicon

T-Rex 2X Long ARM Daily Target ETF

GraniteShares 2x Long MRVL Daily ETF

Broadcom

NVIDIA

GraniteShares 2x Long NVDA Daily ETF

Direxion Daily NVDA Bear 1X ETF

Cerebras

Leverage Shares 2X Long CBRS Daily ETF

NVIDIA Corporation

ARM (ARM.US) rose over 10% to reach a historic high, Marvell (MRVL.US) increased nearly 4%