UK chip designer Arm said strong AI demand had boosted its royalty and licensing revenue, as it lifted its outlook for the year and sent shares rocketing more than 20 per cent higher on Wednesday.
Arm chief executive Rene Haas said it had benefited from the “profound opportunity” brought by the demand for new artificial intelligence applications being deployed by big tech companies.
The strong results for the company — which offers the foundational architecture behind chips built by the biggest tech companies — led it to double down on its claim that a revolutionary shift in demand for AI computing power will drive the next phase of its growth.
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