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ARM Holdings plc (NASDAQ:ARM) stock is trading higher, close to 20%, on its U.S. stock market debut after its highly anticipated Nvidia Corp (NASDAQ: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 (OTC:SFTBF) (OTC: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. (NASDAQ: AAPL), Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, Nvidia, and Advanced Micro Devices, Inc. (NASDAQ: 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.
