British chip giant Arm files to list on Nasdaq

August 21, 2023 03:28 PM PDT | By Invezz

British chip giant Arm files to list on Nasdaq — Image source: Invezz

Arm is expected to have a blockbuster IPO

But the Softbank-owned company revealed neither the number of shares it plans on selling nor the price per share. So, the valuation it’s chasing remains unknown.

Nonetheless, the said initial public offering (IPO) is expected to be the biggest of 2023. According to Matthew Kennedy of Renaissance Capital:

While Arm is a unique asset, its reception will tell us a lot about market sentiment.

Notable names including Amazon and Nvidia were previously reported as interested in being an anchor investor in this Cambridge-headquartered firm that will list on Nasdaq under the ticker symbol “ARM”.

Arm says it’s essential for AI

Arm is convinced that its technology is crucial for artificial intelligence even though it focuses primarily on central processors and not on GPUs.

CPU is vital in all AI systems, whether it is handling the AI workload entirely or in combination with a co-processor, such as a GPU or an NPU.

The chip giant brought in $2.68 billion in revenue in fiscal 2023 – down nearly 1.0% on a year-over-year basis, as per its filing with the Securities & Exchange Commission on Monday.

Arm – the company behind technology that powers about 99% of all smartphones including the Apple iPhone earned $524 million in its recently concluded financial year. Softbank had spent $32 billion to acquire it in 2016.

The post British chip giant Arm files to list on Nasdaq appeared first on Invezz.

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