NVIDIA Corp (NASDAQ:NVDA) is trading lower Tuesday morning following a report from Bloomberg suggesting the company is quietly preparing to abandon its purchase of British semiconductor company Arm Ltd. from SoftBank Group.
According to the report, citing one person who asked not to be identified, Nvidia told its partners that it doesn’t expect the transaction to close. SoftBank is reportedly ramping up preparations for an Arm IPO as an alternative to the Nvidia takeover.
The deal, which was originally announced in September 2020, is valued around $40 billion. If approved, it would become the biggest semiconductor deal in history.
From Last Week: What Are Whales Doing With NVIDIA
Nvidia is a designer of discrete graphics processing units that enhance the experience on computing platforms.
NVDA Price Action: Nvidia has traded as low as $115.66 and as high as $346.47 over a 52-week period.
The stock was down 3.59% at $225.34 at time of publication.
Photo: courtesy of Nvidia.
