Arm Holdings plc (NASDAQ: ARM ) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat . Mentioning that the Charitable Trust started a position in the stock a while ago, Cramer said:

Last Monday, the Trust added semiconductor design company, Arm Holdings, to the portfolio, and then the… thing proceeded to rally 34% over the next four days. If you go back further, Arm gained over 71% from March 30th to April 24th. So even though we’re big fans of the stock, what we do, we can’t sell it because I mentioned it, but we downgraded it from a one, which means a buy for the Trust, to a two, meaning a buy into weakness, which typically means I try to take something off. Price matters and when something surges 34% in less than a week, well, you know what, you gotta pull in your horns. You can’t be a pig.

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Arm Holdings plc (NASDAQ:ARM) designs and licenses CPU architectures, system IP, and software used across automotive, computing, consumer, and IoT applications.

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