Are AI stocks the new meme stocks? It certainly looks that way from the bonkers rally that Arm Holdings recently had.

Shares in the British semiconductor designer doubled between Feb. 5 and Feb. 12 to $149. They’ve since settled down to $128, perhaps as the market came to its senses. The catalyst was Arm’s third-quarter earnings, whose numbers were modestly good but sparked broader euphoria over Arm’s ability to ride the AI boom that propelled chipmaker Nvidia to stratospheric heights.

Take that with a pinch of salt, though, because Arm isn’t directly involved in the hottest business in town: Nvidia’s oh-so-important AI chips.