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The latest news, headlines, and business stories for September 5

Sep 06, 2023 - businessinsider.com
The British chip designer Arm, owned by Softbank Group, has filed paperwork to go public, aiming to raise up to $4.87 billion with a valuation as high as $52 billion. This could be the largest public debut in the US since Rivian's IPO in late 2021. The IPO market has been largely dormant since 2022 due to a combination of factors including the pandemic, an influx of venture capital money, and inflated startup valuations. Arm's successful IPO could potentially revive the market and encourage other companies to go public.

In other news, Apple is reportedly changing its charging cable for the first time in over a decade with the upcoming iPhone 15. Oil prices have surged due to Russia and Saudi Arabia extending production cuts, and China's economy is predicted to briefly surpass the US's in the mid-2040s before falling back. The co-founder of Google's AI division predicts that everyone will have access to an AI assistant within the next five years.

Key takeaways:

  • The Softbank Group-owned chip designer, Arm, is planning to go public with a potential valuation as high as $52 billion, which could be the largest US stock debut since Rivian's IPO in 2021.
  • The IPO market has been largely inactive since 2022, partly due to venture investors pouring money into startups, making public markets less appealing.
  • A successful IPO from Arm could open up opportunities for other companies considering going public and provide more cash for future investments.
  • However, if Arm's IPO fails, it could have a negative impact on the market, despite interest from big-name backers like Google, Apple, and Nvidia.
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