The world this week--Business
Arm published a prospectus for its blockbuster IPO on the Nasdaq exchange next month.
SoftBank, a Japanese tech conglomerate, bought the British chip designer in 2016 for $31bn.
It is expected to be worth between $60bn and $70bn when it makes its Nasdaq debut.
Arm’s chip architecture is used in 99% of the world’s smartphones.
Although that market has slowed, tech titans such as Amazon, Apple and Nvidia are reportedly interested in taking big stakes in the company.
Nvidia released quarterly earnings.
Revenue more than doubled at the maker of chips for AI, year on year, to $13.5bn.
Perhaps that is no surprise, given that just one of Nvidia’s H100 chips can cost upwards of $40,000.
It is delighting investors by buying back $25bn-worth of stock.
Britain’s Competition and Markets Authority cleared Broadcom’s proposed $69bn takeover of VMware, a month after regulators in the EU gave their approval.
America’s Federal Trade Commission is still scrutinising the deal, which was announced 15 months ago.
Separately, Microsoft submitted a restructured proposal for its takeover of Activision Blizzard to the CMA in the hope of getting the regulator’s blessing, after it said it would block the deal.
Meta rolled out a web version of its Threads social-media platform.
Threads was launched as an alternative to Twitter (now X) last month.
Over 100m people signed up to the app in the first few days, but since that initial hullabaloo the number of active daily users has reportedly plummeted, to below 10m.
It is still not available in the EU, probably because of the region’s tough regulations on data privacy.
Markets reacted positively to Zoom’s latest quarterly earnings, as it raised its forecast for the full year.
The video-conferencing company has been struggling to adapt to the end of the pandemic, when remote working caused its business to soar, though it is expanding its range of services through the use of artificial intelligence and has invested in Anthropic, an AI startup founded by former employees of OpenAI.
Investors eagerly awaited a speech by Jerome Powell, the chairman of the Federal Reserve, at the Jackson Hole symposium for clues about the future direction of interest rates.
The yield on American ten-year government bonds hit a 16-year high, as markets continued to bet that favourable economic conditions will allow the Fed to keep rates around their current level.