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☆ CNBC Daily Open: Could Nvidia’s greatest obstacle be itself?
▼ + stars: | 2024-11-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Ann Wang | ReutersThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Even though Nvidia's third-quarter revenue soared 94% on an annual basis, it's a slower pace than Nvidia's growth in the previous three quarters, when sales rose 122%, 262%, and 265%, respectively, as CNBC's Kif Leswing notes. The same goes for Nvidia's forward guidance: A growth of around 70% for current-quarter sales, compared with a year earlier. It appears that investors have enjoyed Nvidia's astounding performance for so long they've become desensitized to it.

Persons: Jensen Huang, Ann Wang, LSEG, University's, Leswing, Samantha Subin, Brian Evans Organizations: NVIDIA Blackwell, Reuters, CNBC, Nvidia, Investors, University's Stern School of Business Locations: Taipei, Taiwan, New

☆ CNBC Daily Open: Is Nvidia its own worst enemy?
▼ + stars: | 2024-11-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Akio Kon | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Investors are likely zooming in on the rate at which Nvidia is growing its numbers, compared with its past performance, not just whether it's surpassing expectations. The same goes for Nvidia's forward guidance: A growth of around 70% for current-quarter sales, compared with a year earlier. It appears that investors have enjoyed Nvidia's astounding performance for so long they've become desensitized to it.

Persons: Jensen Huang, Akio Kon, LSEG, University's, Leswing, Samantha Subin, Brian Evans Organizations: Nvidia Corp, Nvidia, Summit Japan, Bloomberg, Getty, CNBC, Investors, University's Stern School of Business Locations: Tokyo, Japan, New

☆ Nvidia stock rises to new record, exceeding June high as AI trade is rekindled
▼ + stars: | 2024-10-17 | by ( Todd Haselton | ) www.cnbc.com time to read: +1 min

The new high bested a previous record of $140.76, which was set on June 20. Shares of Nvidia rose to a new record on Thursday as investors piled back in to the artificial intelligence trade that had stalled a bit since the summer. The stock rose more than 3% at one point to briefly tap a new intraday high of $140.89. Nvidia's intraday record comes after Taiwan Semiconductor Manufacturing Company , the world's largest chip producer, beat third-quarter earnings estimates and posted a 54% increase in profit. Nvidia stock hit a closing high of $138.07 earlier in the week, topping its prior record of $135.58 set on June 18.

Persons: Jensen Huang, Nvidia's, —, Kif Leswing Organizations: Nvidia, Taiwan Semiconductor Manufacturing Company, Apple, AMD, ARM, Companies, Microsoft, Meta, Google Locations: Taipei, Taiwan

☆ Looking for tech stocks? CIO names 3 to buy — and says Nvidia is still 'reasonably valued'
▼ + stars: | 2024-09-17 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

Tech stocks may have had a volatile past few weeks , but one chief investment officer is still bullish. The chief investment officer believes Nvidia's stock is "reasonably valued," based on its two to three-year outlook. "We've been doing that, and we've been pretty happy with the price we've been getting," he added. Broadcom shares fell 7% in extended trading following its results announcement, but remain up close to 47.5% year-to-date. Nineteen of 33 analysts covering the stock give it a buy or overweight rating, according to FactSet data.

Persons: Jason Ware, Jensen Huang's, Ware, CNBC's, We've, we've, Oracle Corporation Ware, it's, Leswing, Jordan Novet Organizations: Microsoft, Nvidia, Oracle, Broadcom, Oracle Corporation, Apple, Tesla Locations: Albion

☆ Nvidia may be the AI darling, but it's time to start looking at this chip stock, one CIO says
▼ + stars: | 2024-09-10 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

Tema ETFs' Yuri Khodjamirian is keeping a close watch on chip designer Qualcomm Inc . As AI shifts from data centers — an Nvidia "stronghold" — to the " edge ," investors should "start looking at companies like Qualcomm," Khodjamirian said. And "edge AI" is more than about chips — "it's really everything, the silicon content of our mobile phones and PCs, has to go up, because you need better memory; you need better connectivity between the different semiconductors. Qualcomm's shares are currently trading at around 15.3 times forward earnings, while Nvidia has a multiple of around 38, according to FactSet data. 'Emerging Edge AI play' Analysts at KeyBanc Capital Markets are bullish on Qualcomm and have a target price of $225 on the stock, or 55.8% upside.

Persons: Yuri Khodjamirian, CNBC's, It's, Khodjamirian, Cristiano Amon, Leswing, Arjun Kharpal, Michael Bloom Organizations: Nvidia, Qualcomm Inc, Qualcomm, Samsung, Nasdaq, CNBC, Google, KeyBanc Locations: Tema

☆ Nvidia shares fall despite earnings beating estimates
▼ + stars: | 2024-08-29 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Nvidia issued market-beating revenue guidance for its fiscal third quarter of $32.5 billion. Nvidia reported July quarter revenue on Wednesday of more than $30 billion, up 122% year on year. Nvidia shares fell on about 6% Thursday, as the company's fiscal second-quarter gross margin dipped slightly, and its revenue beat was eclipsed by a backdrop of increasingly lofty expectations. The pullback in the stock on Thursday also comes after a meteoric rally, with Nvidia's shares rising more than 150% this year to date. The company also announced a $50 billion stock buyback program.

Persons: Colette Kress, Kif Leswing Organizations: Nvidia, Samsung, Taiwan Semiconductor Manufacturing, Blackwell Locations: Nvidia's, Blackwell

☆ CIO shares Nvidia alternatives to cash in on the AI theme: 'There's another way to play this'
▼ + stars: | 2024-05-24 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Its shares jumped in extended trading but given the "blowout earnings," Nancy Tengler of Laffer Tengler Investments said she expected to see a higher move. "We think there's another way to play this," she said, adding these are namely buying into "old economy companies," as well as data center names. One such "old economy" name is Walmart , according to her. They've embraced not only digital solutions, but robotics, generative AI and their ad business in cloud computing, obviously in their e-commerce business," she said. Quanta Services , which builds infrastructure for electric power and renewables, as well as provides utility performance services, was another pick from Tengler.

Persons: Nancy Tengler, CNBC's, They've, Tengler, Kif Leswing Organizations: Nvidia, Google, Microsoft, Meta, Investments, Walmart, Carrier, Oracle, Broadcom

☆ When Nvidia beats estimates, these 6 AI stocks tend to rise
▼ + stars: | 2024-05-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Six artificial intelligence-related stocks tend to react positively to Nvidia 's quarterly results, according to CNBC Pro analysis. Five U.S.-listed stocks — Super Micro Computer , AMD , Marvell Technology , Vertiv , and Synopsys — along with Japan-listed Advantest Corp have each risen between 6% and 33% in the past after Nvidia revealed bumper earnings. Super Micro Computer Super Micro Computer, a tech infrastructure company, has become one of the biggest winners of Wall Street's appetite for AI investments. Advanced Micro Devices AMD, the biggest competitor to Nvidia, has also seen its shares jump after Nvidia's earnings. The stock rose 7.5% after Nvidia revealed its last quarterly figures and 16.2% after the first quarter 2023 numbers were out.

Persons: Nvidia's, Synopsys, Leswing, Alex Koller Organizations: Nvidia, CNBC, U.S, Computer, AMD, Marvell Technology, Advantest Corp, CNBC Pro, Wall Street Locations: Japan, United States

☆ Activist investor Jana discloses 'significant' stake in Wolfspeed, urges semiconductor manufacturer to consider sale
▼ + stars: | 2024-04-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Activist investor Jana Partners disclosed in a letter Monday that it has built a "significant" position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a "staggering erosion of shareholder value," up to and including a sale. In the letter to Wolfspeed's board, viewed by CNBC, Jana wrote that the semiconductor company's "differentiated manufacturing capabilities" and status as an "American supplier supporting the energy transition" gave it significant intrinsic value. Jana also wrote that management's missteps around capital allocation, execution and strategy had depressed the stock. Wolfspeed, formerly known as Cree, is a supplier of electronic components and semiconductors used to manage electricity, often in cars. Jana said Wolfspeed's board should "promptly" begin a comprehensive review of the business, up to and including a sale.

Persons: Scott Ostfeld, Jana Partners, Jana, Wolfspeed, Barry Rosenstein, Kif Leswing Organizations: JANA Partners, CNBC, Reuters, TSR, Qualcomm, Trimble Locations: New York City, U.S, Mohawk Valley, Siler City, Freshpet ,

☆ Elon Musk says Tesla will unveil its robotaxi on Aug. 8; shares pop
▼ + stars: | 2024-04-05 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Elon Musk, Chief Executive Officer of Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France, June 16, 2023. Musk shared the reveal date on Friday after Reuters reported that plans for Tesla's highly anticipated low-cost car model had been scrapped. In 2015, Elon Musk told shareholders that Tesla's cars would achieve "full autonomy" within three years. Tesla still has yet to deliver a robotaxi, autonomous vehicle or technology that can turn its cars into "level 3" automated vehicles. On Friday, Apple shuttered its self-driving unit and laid off about 600 people on Friday who had been associated with the project.

Persons: Elon Musk, Porte, Tesla, Musk, FSD, Waymo, Uber, Cruise's, Leswing Organizations: Twitter, Viva Technology, Porte de, Reuters, Tesla, Companies, Wayve, Apple, Cruise Locations: Paris, France, Phoenix, San Francisco, Los Angeles, Austin , Texas, Arizona, China, Guangzhou, U.S

☆ Intel drops 8% after chipmaker reports hefty loss in foundry business
▼ + stars: | 2024-04-03 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Intel shares closed down 8% on Wednesday after the company disclosed long-awaited financials for its semiconductor manufacturing, or foundry, business, revealing an operating loss of $7 billion in 2023. It was the first time Intel had reported revenue totals for its foundry arm alone, separating it from the products business, which reported $11.3 billion in operating income in 2023. Intel said Tuesday that it expects its foundry losses to peak in 2024 and break even halfway between the current quarter and the end of 2030. "NOW is when the real work begins," the analysts wrote in a Tuesday investor note. "With a multi-year execution cycle still ahead, we continue to prefer nearer-term AI beneficiaries, NVDA and AMD," the analysts wrote.

Persons: Cantor Fitzgerald, Intel's, —, Kif Leswing Organizations: Intel, AMD

☆ Apple reportedly exploring personal home robots
▼ + stars: | 2024-04-03 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Apple CEO Tim Cook (2nd R) greets customers as he arrives for the release of the Vision Pro headset at the Apple Store in New York City on February 2, 2024. Apple is exploring the development of personal home robots after ditching its electric vehicle project, Bloomberg reported Wednesday. In recent years, the company has also invested heavily in products and services like its Apple Watch and Vision Pro virtual reality headset. The Vision Pro, however, will likely take years to create meaningful revenue. Apple's hardware engineering division and its artificial intelligence and machine learning group are overseeing the work on personal robotics, Bloomberg reported.

Persons: Tim Cook, Read, Leswing, Annie Palmer Organizations: Apple, Bloomberg, Engineers, Group, Apple Watch, Vision, Amazon Locations: New York City

☆ Oracle shares surge 12% and head for record close
▼ + stars: | 2024-03-12 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Safra Catz, CEO of Oracle Corporation, rings the opening bell at the New York Stock Exchange, July 12, 2023. Oracle stock spiked more than 12% during intraday trading on Tuesday and is on pace for a record close, a day after the company reported fiscal third-quarter earnings that beat analysts' expectations. They're also on pace for the biggest gain since Dec. 10, 2021, when Oracle stock closed up 15.6%. Deutsche Bank lifted its price target on Oracle shares to $150 from $135, noting CEO Safra Catz reiterated fiscal 2026 guidance and strong cloud infrastructure results. Analysts at Bernstein Research, who have the equivalent of a buy rating on Oracle stock, bumped up their price target to $159 from $147.

Persons: Safra Catz, They're, Leswing, Jordan Novet Organizations: Oracle Corporation, New York Stock Exchange, Oracle, Deutsche Bank, UBS, Bernstein Research

☆ Arm shares soar after company reports strong earnings and forecast
▼ + stars: | 2024-02-08 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Shares of chip designer Arm climbed more than 60% on Thursday morning after the company reported better-than-expected earnings Wednesday and a strong profit forecast for the current quarter. The company reported higher-than-expected earnings per share and revenue for the quarter that ended in December. Earnings per share came in at 29 cents adjusted versus the 25 cents expected by analysts, according to LSEG, formerly known as Refinitiv. The company also forecast earnings per share for the current quarter to be between 28 cents and 32 cents on sales of $850 million to $900 million. The company sold shares at $51 apiece in its initial public offering and was trading at just below $100 a share Thursday morning.

Persons: Rene Haas, Softbank, —, Kif Leswing Organizations: Nasdaq, Revenue, Softbank Locations: New York

☆ Disney to take $1.5 billion stake in Epic Games, work with Fortnite maker on new content
▼ + stars: | 2024-02-07 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Disney is investing $1.5 billion for a stake in Epic Games, CEO Bob Iger said Wednesday, in its biggest bet yet on the gaming space. "Our exciting new relationship with Epic Games will bring together Disney's beloved brands and franchises with the hugely popular Fortnite in a transformational new games and entertainment universe," said Iger in a statement. Disney did not say what the valuation of Epic, a private company, would be after the Disney funding. "Now we're collaborating on something entirely new to build a persistent, open and interoperable ecosystem that will bring together the Disney and Fortnite communities." Aside from Fortnite, Epic Games is well-known for challenging Apple and Google in court to force them to lower their app store fees.

Persons: Bob Iger, Disney, Iger, Fortnite, Tim Sweeney, Sweeney, Kif Leswing Organizations: Disney, Epic Games, Pixar, Marvel, Star Wars, Star, Lego, Harmonix, Apple, Google, CNBC PRO Locations: Fortnite

☆ Mark Zuckerberg indicates Meta is spending billions of dollars on Nvidia AI chips
▼ + stars: | 2024-01-18 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023. Meta is spending billions of dollars on Nvidia's popular computer chips, which are at the heart of artificial intelligence research and projects. In December, tech companies like Meta, OpenAI and Microsoft said they would use the new Instinct MI300X AI computer chips from AMD. Meta is currently training Llama 3 and is also making its Fundamental AI Research team (FAIR) and GenAI research team work more closely together, Zuckerberg said. Shortly after Zuckerberg's post, LeCun said in a post on X, that "To accelerate progress, FAIR is now a sister organization of GenAI, the AI product division."

Persons: Mark Zuckerberg, Zuckerberg, Raymond James, Meta, Yann LeCun, LeCun, Jensen Huang, Zuckerberg's, Kif Leswing Organizations: Meta, Nvidia, Zuckerberg, eBay, Microsoft, AMD, AI Research, FAIR, Apple Locations: Menlo Park , California, San Francisco

(Photo by Mandel NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)Alphabet CEO Sundar Pichai on Tuesday confirmed that Google pays Apple 36% of Safari search revenue, under the terms of a default search agreement that is core to the Justice Department's antitrust claims. Pichai was testifying in a separate lawsuit filed against Google by Epic Games, the maker of Fortnite. The Epic attorney then alleged that Google pays Samsung, Android's largest hardware partner, less than half of what it pays to Apple. Google's TAC costs include all of Google's payments to companies like Apple and Samsung to place its search engine in front of users. Apple, Google and Samsung did not immediately respond to CNBC's request for comment on Pichai's testimony.

Persons: Sundar Pichai, Mandel NGAN, MANDEL NGAN, Pichai, Google's, Kevin Murphy, Murphy, Connolly, John Schmidtlein, Leswing Organizations: Artificial Intelligence, Getty, Google, Apple, Epic Games, Washington , D.C, Samsung, Google's TAC, University of Chicago, Williams, Department, D.C Locations: Washington ,, AFP, Virginia, Washington

☆ Apple now has $162 billion in cash on hand, slightly less than last quarter
▼ + stars: | 2023-11-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Apple now has $162.1 billion in cash on hand, according to the company's fiscal fourth-quarter earnings report released Thursday. The figure is below the company's cash pile from its fiscal third quarter of 2023, when it reported $166.5 billion. Apple had around $166.3 billion in cash during its fiscal second quarter in 2023. The company regularly maintains one of the largest cash piles in the U.S.Analysts expected Apple to post its fourth-consecutive quarter of revenue decline Thursday. The company reported $89.50 billion in revenue and $1.46 in earnings per share for its fiscal fourth quarter.

Persons: Tim Cook, Apple, Kif Leswing Organizations: Apple Inc, Apple, U.S, Wall Locations: Cupertino , California

☆ AMD stock jumps more than 8% on strong 2024 AI chip projections
▼ + stars: | 2023-11-01 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +2 min

AMD stock spiked more than 8% Wednesday, a day after the company beat top and bottom-line earnings estimates and gave a promising 2024 forecast for its AI chip business. The chipmaker posted an earnings per share of 70 cents, adjusted, narrowly beating the LSEG, formerly Refinitiv, estimate of 68 cents per share. Wall Street analysts like AMD's prospects in the AI market, which is currently dominated by Nvidia . Still, AMD is one of only a handful of companies capable of making high-powered graphics processing units (GPUs) that power AI models. Analysts at Raymond James lowered their price target from $145 to $125 but kept AMD as a "strong buy" largely due to its AI business.

Persons: Lisa Su, Raymond James, Jeffries, CNBC's Kif Leswing, Michael Bloom Organizations: Devices Inc, AMD, Revenue, Wall Street, Nvidia, Bank of America Locations: San Francisco , California, U.S, Q4E, CY24E, 1Q24

☆ Intel pops 10% after earnings beat shows progress toward $3 billion in cost savings
▼ + stars: | 2023-10-27 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +3 min

Intel stock jumped 10% on Friday morning after the company beat Wall Street expectations for profit and sales. It posted $14.16 billion in revenue for the quarter, ahead of analyst expectations of $13.53 billion, but down 8% from the year-ago quarter. Intel is also on track to hit its goal of $3 billion in savings for the year, according to CEO Pat Gelsinger. JPMorgan analysts praised the savings in an investor note. "The team is also executing well against its cost saving initiatives and indicated that they are on track with their plans for $3B in savings to COGS/Opex in 2023," JPMorgan analysts wrote.

Persons: Intel's premarket, Goldman Sachs, Morgan Stanley, Pat Gelsinger, Intel's, —, Leswing, Michael Bloom Organizations: Intel, Nvidia, Arm, JPMorgan, CNBC

Apple on Wednesday raised the prices for a number of its flagship services offerings, including Apple TV+, Arcade and its bundled offering, Apple One. Apple TV+ will now cost $9.99 a month, up from $6.99. The price increase comes after Apple upped the price in 2022 from $4.99. Apple One, the bundle package used by many families to access Apple's services at a lower price will also increase, with the top-end Premier package now costing $37.95 a month. "The subscription prices for Apple TV+, Apple Arcade, Apple News+, and Apple One will increase in the US and select international markets beginning today," an Apple spokesperson told CNBC.

Persons: Apple, Kif Leswing Organizations: Apple, CNBC, Disney, Netflix, Apple Arcade

☆ 'Great tailwind': Asset manager is bullish on this under-the-radar AI stock
▼ + stars: | 2023-10-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

But according to Deepwater Asset Management, there's one under-the-radar AI stock that will be essential for the long-term infrastructure rollout of artificial intelligence. "An under-the-radar AI stock is Vertiv," Doug Clinton, managing partner at Deepwater, told CNBC's "Street Signs Asia" last week. The company's specialty is graphics processing units, or GPUs, which have become the preferred chips for the large AI models that underpin generative AI software. "We think [Vertiv has] a great tailwind for the next three to five years as this AI hardware buildout continues," Clinton added. Alphabet Alphabet , which Clinton described as Deepwater's largest AI holding, has a "great catalyst" for the latter half of this year: the launch of its latest AI model Gemini.

Persons: Doug Clinton, CNBC's, Clinton, Kif Leswing Organizations: Nvidia, Microsoft, Asset Management, Deepwater, Deepwater Frontier Tech, Ark, Global, Robotics, Intelligence, Deepwater Frontier, Adobe, Unity Software Locations: U.S, LOUP, Netherlands, Taiwan, South Korea

☆ Apple CEO Tim Cook appears in New York to celebrate iPhone 15 release
▼ + stars: | 2023-09-22 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Apple CEO Tim Cook greets customers purchasing Apple’s new iPhone 15 during a launch event at the Fifth Avenue Apple Store in New York City on Sept. 22, 2023. Apple CEO Tim Cook opened the company's Fifth Avenue store Friday in New York to celebrate the official release of the iPhone 15 lineup, the Apple Watch Series 9 and the Apple Watch Ultra 2. Apple announced its new devices at its annual launch event earlier this month, and preorders opened Sept. 15. The new iPhone 15 lineup starts at $799 and features a USB-C charging port and a new titanium exterior. Customers can purchase the new devices at their nearest Apple Store or online.

Persons: Tim Cook, CNBC's Steve Kovach, Cook, preorders, Max, Kif Leswing Organizations: Apple, Fifth, Counterpoint Research, Bank of America Locations: New York City, New York, Madison

☆ China's capital city is letting the public take fully driverless robotaxis — and has bigger rollout plans, startup Pony.ai says
▼ + stars: | 2023-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's capital city is taking swift steps to allow robotaxi businesses to grow. As of Tuesday, the suburban Beijing city district of Yizhuang is officially letting local robotaxi operators — primarily Baidu and startup Pony.ai — charge fares for fully autonomous taxis, with no human staff inside. "We have very high confidence ... maybe only in three years, our full driverless vehicles are going to be running over the whole Beijing city," he said in an interview with CNBC on Monday. Out of more than 200 robotaxis that Pony.ai operates in the region, only about ten are currently fully driverless, Zhang said. Beijing city did not immediately respond to a CNBC request for comment.

Persons: Ning Zhang, Beijing's, Zhang, Yin Yong, Pony.ai, Baidu, Alphabet's Waymo, Pony.ai's Zhang, —, Leswing, Lora Kolodny Organizations: Visual China, Getty, BEIJING, Baidu, CNBC, Daxing International, robotaxis, General Motors, California Department of Motor Vehicles, Beijing Daxing, Google Locations: Beijing, Yizhuang, Pony.ai, Yizhuang district, Daxing, U.S, San Francisco, California, China, Shenzhen, Wuhan, Chongqing, Guangzhou, Shanghai

☆ Arm is trading at a premium to Nvidia after IPO pop even though it's a 'no-growth company'
▼ + stars: | 2023-09-14 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

Arm CEO Rene Haas and executives cheer, as Softbank's Arm, chip design firm, holds an initial public offering (IPO) at Nasdaq Market site in New York, U.S., September 14, 2023. Arm's Nasdaq debut on Thursday looks good for SoftBank, which just spun the company out after acquiring it in 2016. The UK-based chip design company saw its stock jump 25% to $63.59 after its IPO, lifting the company's fully diluted market cap to almost $68 billion. For now, there's not a big open market for Arm's stock. Of the $4.9 billion worth of shares SoftBank sold, $735 million were purchased by a group of strategic investors including Apple , Google , Nvidia, Samsung and Intel .

Persons: Rene Haas, Jay Ritter, there's, SoftBank, Masayoshi Son, We've, CNBC's David Faber, Matt Oguz, it's, —, Oguz, Kif Leswing, SoftBank's Masayoshi, Arm's Rene Haas Organizations: Nasdaq, Wall, Nvidia, Semiconductor, U.S, University of Florida, Apple, Google, Samsung, Intel, Venture Science, AMD Locations: New York, U.S

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