BUZZ-Arm rises on report of securing Meta as first customer for new chip project

U.S.-listed shares of chip designer Arm Holdings ARM.O rise over 6% to $165.5

ARM plans to launch its own chip this year, after securing Meta Platforms META.O as one of its first customers, the Financial Times reports

Arm CEO Rene Haas will unveil its first in-house chip as early as this summer - report

Arm's chip is expected to be a central processing unit for servers in large data centres and is built on a base that can then be customised for clients, including Meta - FT

Production will be outsourced to manufacturers such as TSMC 2330.TW - FT

Arm declined to comment on the FT report

ARM up 64% in 2024