Arm (ARM) is reportedly rolling out a new chip that has already secured Meta as a major customer. Arm stock rose sharply in afternoon trading Thursday.
Arm is making the chip in-house, a big shift for the company, which typically licenses its chip designs to major tech companies, the Financial Times reported, citing unnamed sources.
↑ X NOW PLAYING Amplify Gains On Nvidia, Tesla And Palantir With This Aggressive Method, But Never Ignore The RisksArm Chief Executive Rene Haas plans to introduce the processor as early as this summer, the report said.
The move underlines the U.K.-based company's growing role in the tech industry, where it is considered a major player in the battle for dominance in artificial intelligence.
Arm last week posted results that beat Wall Street estimates. But Arm stock slipped after reporting in-line guidance.
Shares had fallen for five straight days before Thursday's rally. Arm stock was last up nearly 5% at 163.
Arm stock has gained more than 30% year to date, according to IBD MarketSurge. The shares have an IBD Relative Strength Rating of 87, down from 94 a week ago.
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