Nvidia Corp (NASDAQ:NVDA) and peers, including Advanced Micro Devices, Inc (NASDAQ:AMD), got a boost from Arm Holdings plc’s (NASDAQ:ARM) initial public offering.
Arm raised $4.87 billion from 95.5 million American depositary shares (“ADSs”) at $51.00 per ADS.
Also Read: AI Frenzy: OpenAI Expands Global Presence with New Dublin Office
CEO Rene Haas recently emphasized Arm’s strategic shift towards high-value chip design, eyeing $28 billion potential revenue in cloud computing by 2025, with a 95% gross margin.
Nvidia had pursued the takeover of the British chipmaker before it succumbed to regulatory opposition.
Haas acknowledged colossal growth potential in artificial intelligence, as per recent reports.
Separately, Starfield is now available on Nvidia’s GeForce Now, marking the first big test for Nvidia’s 10-year deal with Microsoft that gives it the right to stream Xbox games via GeForce Now.
AI remains the cynosure of attention among tech giants, the latest being Alibaba Group Holding Ltd (NYSE:BABA), whose new CEO, Eddie Wu, emphasized an AI-first approach prioritizing AI-driven tech businesses.
Nvidia, the trillion-dollar chip designer stock, has gained 218% YTD.
Price Action: NVDA shares traded higher by 0.32% at $456.28 on the last check Thursday.
