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.