Arm is aiming to sell shares to the public during a historically slow period for U.S. tech IPOs.
The company was founded in 1990 as a joint venture between several companies and Apple to create a low-power processor for battery-powered devices. It first went public in 1998, before being taken private in 2016 by SoftBank.
But the company is also facing headwinds from a slowdown in demand for products like smartphones, which has hit chip firms across the board. Arm's net sales fell 4.6% year-on-year in the second quarter, while the unit swung to a loss, according to SoftBank's earnings release. SoftBanks' beleaguered Vision Fund, meanwhile, has racked up billions of dollars in losses of late due to tech bets that soured in a high interest rate environment.
In its filing, Arm made the case that its technology would be essential for AI applications, although it focuses on central processors, not the graphics processors that are required for creating big AI models."The CPU is vital in all AI systems, whether it is handling the AI workload entirely or in combination with a co-processor, such as a GPU or an NPU," Arm said in the filing.
Arm identified x86, the instruction set used in Intel and AMD processors, as well as RISC-V, an open source instruction set backed by several big tech companies, as sources of competition. Arm is poised to hit the market at a time when investors are flocking to next-generation semiconductors because of the demand spurred by artificial intelligence, most notably the soaring popularity of generative AI applications. Nvidia, the chipmaker most at the heart of the generative AI boom, has seen its
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