UK chip designer Arm's shares jump 29%

By Ovunc Kutlu

ISTANBUL (AA) - UK-based computer chip designer Arm Holdings saw its stock price jump more than 29% on Monday as its shares continued their rally due to strong demand for artificial intelligence (AI) technology.

The company's stock price closed at $149 per share on the Nasdaq for a daily gain of 29.33%.

It shares rose 1.66% on Friday after soaring 47.89% on Thursday and 5.52% on Wednesday, with its stock price increasing 104% in just four trading days.

The steep increase came after the company said that AI demand has been increasing globally.

"Arm’s licensing revenue was supported by increasing demand for new technology driven by all things AI," the firm said last Wednesday in a letter to shareholders.

"From the most complex AI cloud applications to the smallest edge devices, AI on Arm is everywhere."

The company's initial public offering in September on the Nasdaq was one of the biggest of 2023, when it raised almost $4.9 billion.

Apple, Samsung, Intel and Nvidia have shown an interest in investing in Arm Holdings in recent months.