Arm Holdings Plc’s stock
ARM,
rose 6.6% in premarket trade Friday, extending the 25% gain it saw in its trading debut on Nasdaq on Thursday. The chip maker’s initial public offering priced at the high end of its proposed range and surged out of the gate. The company had a market capitalization of more than $65 billion at close of trade. Chief Financial Officer Jason Child told MarketWatch on Thursday that Arm’s focus going forward would be to take advantage of the skyrocketing costs of making smaller and smaller nanometer-sized transistors for chips. As transistors get smaller, the cost for intellectual property and software verification has ballooned to take up as much as three-quarters of the design cost, he said. More than 1.6 million shares had changed hands in premarket trade Friday.
