Arm: AI boom "is real" as New York-listed Cambridge firm soars - CityAM

Wednesday 07 February 2024 10:24 pm

Arm, the UK chipmaker which listed in New York, proved the worth of its fundamentals on Wednesday evening – beating analyst estimates and sending shares soaring.

Demand for artificial intelligence upgrades has boomed across the global economy and Arm has benefitted, bosses said.

“We’re seeing more interest in newer designs and newer technologies by customers” Jason Child, Arm’s chief financial officer, told Reuters.

“It’s real. Folks are actually buying and licensing that technology.”

Arm floated in New York last year after an arm wrestle between NASDAQ and the London Stock Exchange, which the capital’s flagship bourse lost.

Arm reported sales north of $800m in the third quarter, way ahead of analysts’ consensus at $761m.

Shares rocketed almost 30 per cent in after hours trading.