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Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Most things are relative – and that is probably the best (or even only) way to approach valuations at ARM. Shares in the British-based chip designer have traded on a historic average of 30 times forward earnings. At 931.50p – up 7 per cent on Tuesday’s first-quarter results – they are on 45 times. The question for investors, then, is simple: can this stratospheric rating be justified?

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