Arm CEO: This is where demand is coming from

That is right, tune in tomorrow, SoundHound. CEOs of big companies, big stocks. Closing bell is ringing in about 11 minutes. We have a big move here in the markets to the downside. Not so much a big down, but the Dow itself from peak to trough had about a 620-point swing. At high of session, Dow up 219. Right now down 325, it was lower by 422. S&P down 31 points, it was as high as 19 points. And then Nasdaq at the moment down 48, Nasdaq was up nearly 200 points. Russell 2000, well, opened flat, went down about 54 points, right now down 48. The transports in red by 175. We should check Apple. Yesterday Apple closed first record of the year, then this morning hit an intraday record, now slightly lower, probably down with broader market. With headlines around 1:00 p.m. that perhaps Iran may be rejecting U.S. plan to reopen of Strait of Hormuz. It has not yet been confirmed but it has spooked markets. If it closes higher, it would be second straight record close of the year.

And reporting after the close, big names here. And we just have DraftKings and Airbnb in the green at the moment. Tomorrow, big moment, April jobs report. Ahead of that we have New York Federal Reserve President John Williams saying that job market is stable but there is a lot of economic uncertainty right now. Couple of Fed heads don't see high oil prices in near-term or longer term totally affecting inflation and pushing it higher. But inflation is 3.3 percent right now. That is far from 2 percent target that Fed has. So, investors take aim at chip architect and newly minted chipmaker Arm despite top and bottom line earnings beat. Reasons, if you talk with some investors, it is largely on supply concern issues. Company said Arm does not yet have enough capacity to fulfill demand for new homegrown data center chip Arm AGI CPU, but they're seeing strong demand. Joining me now, Rene Haas. What is the deal? Stock is down about 9%. You came in with good numbers, Wall Street is worried. One thing, you have a wonderful demand that is great until you can't fill it.

Hold on, you have gone from 2 billion in orders to 3 billion in demand?

Now 2 billion, okay.

But could demand go higher? Right now demand for CPU to drive the workloads, this is because an agent requires to be scheduled, orchestrated and managed when moving tokens. That work can only be done with CPUs. We're seeing that manifest in terms of demand, coming from customers we announced and new customers.

Is it hundreds of thousands? How many chips?

What I think is interesting, did you bring in 1.5 billion for the quarter? That is up 20% from a year ago. Yet, Barron's headline, note the worst problem to have, but headline of article said demand may be too strong to meet for Arm. We got through that, when do you think you will be able to catch up? What is it that you are...