Arm Holdings (ARM) and Qualcomm (QCOM) stocks dropped Thursday after their earnings outlooks signaled that AI is not yet driving a new wave of demand for consumer devices that rely on the companies’ chips. Arm fell 3.8% early Thursday, and Qualcomm slid 5%. • USD (ARM) View Quote Details The semiconductor firms — which are, coincidentally, engaged in an ongoing legal battle — reported December quarter results above Wall Street's expectations. But that performance was outweighed by their outlooks for the current period, as investors showed they're not-so-patiently waiting for AI to bolster demand for smartphones and PCs and boost…