Arm Holdings shares gain nearly 25% in biggest initial public offering since late 2021

NEW YORK (AP) — Shares of U.K. chip designer Arm Holdings rose almost 25% in their stock market debut, in the largest initial public offering of shares in nearly two years. The shares closed at $63.59, giving Arm a market value of $68 billion. Most consumers use at least one product that contains Arm’s chips, though many people may not be familiar with the company itself. Its chip design is used in virtually all smartphones, the majority of tablets and digital TVs. More recently, Arm has expanded into artificial intelligence, smart devices, cloud computing, the metaverse and autonomous driving.