Some semiconductor stocks are getting a boost on Arm’s first day of trading, bolstered by optimism for the sector and the hype from artificial intelligence.
(ticker: MU) rose 1%.
American depositary receipts (TSM) rose 1% after the stock finished 2.2% higher in Taiwan. The Netherlands’
(ASML) climbed 0.1%,
U.K.-based chip designer
priced its U.S. initial public offering at $51 a share, the top of the expected range. The IPO is the biggest of the year so far, and gives the company a market value of almost $55 billion. The shares debut on the Nasdaq Thursday under the symbol ARM.
Arm designs chips for many semiconductor manufacturers, including the processors used in most current smartphones. Arm doesn’t manufacture chips itself.
The rising tide of Arm’s debut hasn’t lifted all semiconductor stocks. Shares of Nvidia (NVDA), the biggest chip maker by market capitalization, slipped 0.2% when the market opened. Advanced Micro Devices (AMD) fell 1.2%, and Germany’s
(IFNNY) fell 0.8%.
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