Yes. I have been shorting ARMH with puts since 30. It seems so nuts. There is probably not enough shares to accomodate all the large players buying on superficial knowledge.
The stock could start falling on no news. Near term news however could be (1)intel doing better in tablets with low power core and atom(2)notebook refresh cycle more evident(3) new smartphone customers and product announcements(4) annauncement of merrified( 5) more evidence TSMC and other foundaries can not make progress on next node as soon as ARM players expect.
The valaution is nuts. If ARM got 2% of all of Intel's business it would only be $1B per year.
The ARMH valuation would still be 10 times revenue with lower margins than Intel.