Arm shares surge 48% after SoftBank-controlled chip designer issues strong forecast
Publishing timestamp: 2024-02-08 16:05:10
Summary
Arm's shares surged 48% after the company reported better-than-expected earnings and issued a strong profit forecast for the current quarter. The stock surge added $38 billion to Arm's market cap, with most of the gains going to SoftBank. Arm's chip design technology is widely used in smartphones and PCs, and the company is benefiting from the growing demand for AI processors. SoftBank's Vision Fund also showed a solid recovery in its investments.
Sentiment: POSITIVE
Tickers: MSFT, ARM?QSEARCHTERM=ARM, NVDA, AAPL, GOOGL,
Keywords: earnings, nvidia corp, ipo, business news, technology, breaking news: technology, apple inc, alphabet inc, arm holdings plc, microsoft corp,
Source: https://www.cnbc.com/2024/02/08/arm-shares-soar-after-reporting-strong-earnings-and-forecast.html