Arm Holdings is the IP owner and developer of the ARM architecture (ARM stands for Acorn RISC Machine), which is used in 99% of the world’s smartphone CPU cores, and it also has high market share in other battery-powered devices like wearables, tablets, or sensors. Arm licenses its architecture for a fee, offering different types of licenses depending on the flexibility the customer needs. Customers like Apple or Qualcomm buy architectural licenses, which allows them to modify the architecture and add or delete instructions to tailor the chips to their specific needs. Other clients directly buy off-the-shelf designs from Arm. Off-the-shelf and architectural customers pay a royalty fee per chip shipped.

Super Micro Computer, together with its subsidiaries, develops and manufactures high-performance server and storage solutions based on modular and open architectures. The company serves markets across the Americas, Asia, Europe and worldwide. Super Micro Computer Inc. provides modular blades and blade servers, workstations, full racks, networking devices, GPU computers for training large language models (LLMs), server software management solutions, and a wide range of related products and components. Super Micro was incorporated in 1993 and is based in San Jose, CA.

Super Micro Computer, together with its subsidiaries, develops and manufactures high-performance server and storage solutions based on modular and open architectures. The company serves markets across the Americas, Asia, Europe and worldwide. Super Micro Computer Inc. provides modular blades and blade servers, workstations, full racks, networking devices, GPU computers for training large language models (LLMs), server software management solutions, and a wide range of related products and components. Super Micro was incorporated in 1993 and is based in San Jose, CA.

The U.S. economy added only 220,000 jobs in April, below the recent trend (650k) and below expectations (900k). As well, the unemployment rate ticked higher to 6.1%. Revisions to previous months' jobs totals lowered the count by 78,000. Notable job gains in April were in leisure and hospitality, other services, and local government education. These were offset partially by employment declines in temporary help services and in couriers and messengers. The labor market continues to reflect the impact of the pandemic, as the shape and character of the workforce is changing as the economy recovers. The current number of jobs is approximately 8.5 million lower than the pre-COVID (February 2020) level. The labor force participation rate remains a low 61.7%, compared to the historical average of 65%. Last month, 18% of employed persons teleworked because of the pandemic. The Labor Department recently reported that another 498,000 people filed initial unemployment claims, down from more than 700,000 a month ago; the total of continuous claims was 3.7 million, down from 4.0 million a month ago. Though trending in the right direction, the data indicates that the employment environment is still under stress. We expect the unemployment rate will remain above 5.0% into 2022, and that the Fed therefore will keep interest rates low.