Arm Holdings Plc rose as much as 8.4% after the Financial Times reported that the company landed Meta Platforms Inc as an early customer for a new chip.
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The chip is poised to be the first that Arm is selling under its own brand, and it should be unveiled as early as this summer, the Financial Times said, citing unidentified people familiar with the matter. The UK-based company made its name as a chip designer, licensing its technology to others instead of making its own products.
Arm shares climbed as high as $168.38 in New York trading on Thursday, marking the biggest gain in three weeks. The stock was already up 26% this year through Wednesday’s close.
(This is a developing story)
