Recently, $Arm(ARM.US) has been unable to break free from the rhythm of "oscillating convergence." Currently, the stock price is fluctuating around $104, with a slight short-term decline and still significantly lower than last year's peak in the long term. Over the past 30 days, it has risen by about 4%, but compared to the 30% drop over 90 days, it remains in a weak consolidation state. This trend is really frustrating. Fundamentally, it's actually not bad, with revenue growth and steady increases in AI ecosystem licensing fees, but overall semiconductor market sentiment has cooled, and valuations still seem high. Now, many are debating whether this is a phased pullback or a value recovery, and it will depend on the upcoming earnings report.