Players of ARC Raiders are currently facing server outages, with persistent “network timeout” errors preventing them from accessing Embark Studios’ game.
According to DownDetector,…

Players of ARC Raiders are currently facing server outages, with persistent “network timeout” errors preventing them from accessing Embark Studios’ game.
According to DownDetector,…
BEIJING, Nov. 15 (Xinhua) — Firms listed on China’s Nasdaq-style Science and Technology Innovation Board, also known as the STAR Market, have shown growth resilience and high-quality development with hard technology playing a pivotal role in the first three quarters of 2025, according to the quarterly reports of the companies.
During the period, STAR Market companies achieved operating revenue of 1.11 trillion yuan (about 156.02 billion U.S. dollars), a year-on-year increase of 7.9 percent. Their net profit reached 49.27 billion yuan, with a year-on-year growth of 8.9 percent.
These companies achieved a significant year-on-year increase of 75 percent in net profit in the third quarter, demonstrating a strong momentum of development.
In the first nine months, over 70 percent of the companies achieved revenue growth, and nearly 60 percent of them recorded net profit growth. Some 158 companies saw their net profit increase by more than 50 percent and 46 companies turned losses into profits.
The reports show that the hard technology sector — including integrated circuits, chip design, artificial intelligence, biomedicine and new energy companies — has shown a thriving trend, driven by reform efforts and robust R&D expenditure.
In the integrated circuit industry, the total 121 enterprises achieved a year-on-year increase of 25 percent in combined operating revenue and a year-on-year growth of 67 percent in combined net profit in the first three quarters.
In the chip design sector, benefiting from the boost in downstream demand, 80 percent of enterprises achieved revenue growth and 60 percent saw net profit growth during the period, with an overall year-on-year net profit increase of 141 percent.
The total R&D investment of STAR Market companies reached 119.75 billion yuan, 2.4 times the board’s net profit, with a median R&D intensity of 12.4 percent — remaining significantly higher than other sectors of the A-share market.
The China Securities Regulatory Commission (CSRC), the country’s securities regulator, announced the setting up of the sci-tech growth tier on June 18 this year, with an aim to provide better support for high-quality tech enterprises that were not yet profitable.
Since June, the STAR Market has been steadily advancing reforms, including the pilot introduction of senior professional institutional investors and pre-review mechanisms.
Industry experts believe that with sustained policy implementation and the steady release of enterprises’ internal growth drivers, the STAR Market is poised to cultivate more leading hard technology enterprises and further advance China’s drive for high-level technological self-reliance. ■

Arm Holdings (ARM) recently reported annual results, showing double-digit growth in both revenue and net income. The company’s latest earnings update gives investors more concrete insight into how demand for its chip designs is impacting the bottom line.
See our latest analysis for Arm Holdings.
Even with robust annual growth fueling optimism, Arm Holdings’ share price has taken a breather lately, slipping 18.1% over the last month but still maintaining a respectable 9.0% year-to-date share price return. Investors seem undecided whether current demand and momentum are enough to drive the next leg higher, but the company’s 8.6% total shareholder return over the past year hints that the big picture remains encouraging for those with patience.
If the action around semiconductor stocks has your attention, it could be the perfect time to explore the full landscape of innovation and performance with our tech and AI stocks screener: See the full list for free.
So is Arm Holdings offering a rare buying opportunity with its recent pullback, or has the market already factored in all of its anticipated growth, leaving little room for upside?
The current narrative from jaikhom pegs Arm Holdings’ intrinsic fair value at just half the prevailing share price, spotlighting a dramatic difference between market enthusiasm and fundamental estimates. Recent trading momentum and the gap to the fair value demand a closer look at what’s fueling price action.
Based on a forward earnings framework anchored to the 10-year U.S. Treasury yield, the stock’s intrinsic fair value is estimated at $70 per share. Applying a prudent 20% discount to reflect interest rate risk and macro uncertainty yields a conservative, risk-adjusted target of $56. However, recent market action suggests investor sentiment has shifted decisively beyond fundamentals. With ARM now trading in the $120 to $140 range, its implied earnings yield has fallen below that of the 10-year Treasury, which is often seen as a hallmark of speculative enthusiasm.
Read the complete narrative.
Can you spot the surprising assumptions behind this eye-catching valuation gap? The forecast hinges on benchmarks that most investors ignore, plus a risk adjustment few consider. Wonder how macro forces shape this price target and the profit multiples underlying it? Uncover the bold logic and see what could be missing from the consensus view.
Result: Fair Value of $70 (OVERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.

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