Semiconductor company Arm had a successful debut on the Nasdaq Fund Network yesterday, as the stock had been offered at $51 for its IPO, but ended its first day of trading at $63.59.

Speaking with the Wall Street Journal, Saxo Bank head of equity strategy Peter Garnry attributed the boost to a large amount of activity from retail investors who were unable to make it into the IPO itself.

ARM was the fifth most traded stock in the world Thursday, according to Saxo.

ARM’s second day was a little more muted, with volume down about 44%, and the stock closing down about 3% to $61.56, but still well above its IPO price.

“Our take on Arm remains that its valuation is quite stretched and is predicated on strong expectations that generative AI will structurally lift future growth,” Granry said.