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.
Shares of Nvidia , the biggest chip maker by market capitalization, added 1.1% in premarket trading. Advanced Micro Devices climbed 0.7%. Micron rose 1.1%. U.K.-based chip designer Arm 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. Asian and European companies also appeared to benefit from Arm’s hype. Taiwan Semiconductor’s American depositary receipts rose 0.8% early Thursday after the stock finished 2.2% higher in Taiwan. The Netherlands’ ASML Holding climbed 0.4%, while Germany’s Infineon rose 0.3% in European trading.
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