Bloomberg Daybreak: Europe Edition
Arm Aims For A Blockbuster IPO & Reports Of Musk-Putin Call
Aug 22, 2023
Arm, a UK-based tech giant, is filing for a blockbuster IPO on the Nasdaq. S&P downgrades and cuts outlook for US banks. CEOs of Britain's biggest companies get a pay rise. Elon Musk reportedly spoke with Vladimir Putin. The podcast also discusses the theft of luxury watches and the implications of chip designer Arm filing for IPO in the US.
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Quick takeaways
- Arm aims for a blockbuster IPO on Nasdaq, potentially valued at $60 to $70 billion, positioning itself as an AI play.
- S&P downgrades and reduces the outlook for several US banks due to declining deposits and increasing costs.
Deep dives
UK-based chip designer Arm files for largest US stock market listing
UK-based tech giant Arm has filed to list its shares on the Nasdaq, with expectations of a valuation of $60 to $70 billion. The listing would be the largest in the US since Rivian's $13.7 billion IPO in 2021. This move comes as a blow to UK politicians who had hoped for the company to list on the London stock exchange. Despite Arm not showing recent growth, it aims to position itself as an AI play, hoping to tap into the market's hunger for companies with AI exposure. Softbank, which acquired Arm for $30 billion in 2016, aims to sell a stake at a valuation that would yield a 103% return on their initial investment.
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