ARM Holdings plc ARM stock is trading higher, close to 20%, on its U.S. stock market debut after its highly anticipated Nvidia Corp NVDA acquisition fell prey to regulatory opposition.
The stock is riding the artificial intelligence frenzy.
The British chip designer raked $4.87 billion from 95.5 million American depositary shares ("ADSs") at $51.00 per ADS.
CEO Rene Haas eyes a huge AI opportunity with $28 billion potential revenue in cloud computing by 2025, with a 95% gross margin.
Softbank Group Corp SFTBF SFTBY chose to retain 90% of the company, releasing 10% of its shares to public investors. The stock opened at $56.10.
Arm boasts of clients like Apple Inc. AAPL, Alphabet Inc. GOOG GOOGL Google, Nvidia, and Advanced Micro Devices, Inc. AMD, many of whom are its anchor investors.
Price Action: ARM shares traded higher by 19.65% at $60.92 on the last check Thursday.
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