Latest news updates: Nvidia sided with Arm acquisition ahead of UK security investigation

Nvidia said on Wednesday that it still believes its proposed acquisition of Arm will benefit the UK chip design firm’s customers and the industry at large, just a day after the UK opened its investigation. national security about the deal.

The US chipmaker’s comments come ahead of a call with Wall Street analysts late Wednesday to discuss their quarterly earnings.

The latest figures show that Nvidia’s gaming and data center chip businesses continue to hit all pillars, boosting its revenue by 50% in the third quarter and sending its shares up 4. % after market.

Nvidia shares have risen about 130% in the 14 months since the proposed Arm deal was announced, bringing its share market value to more than $730 billion.

This advance comes from strong demand for gaming and cloud computing services during the pandemic, with third-quarter revenue coming in at $7.1 billion, or $270 million compared to the previous quarter. Wall Street expectations.

Nvidia also forecast fourth-quarter revenue of $7.4 billion, or $540 million more than expected, as it managed to remove the worst of the chip supply chain pressures that have hit the market. affect other parts of the field.

The UK’s latest investigation, along with concerns Nvidia says have been raised by the Federal Trade Commission in the US, have undermined the company’s hopes of completing its acquisition of Arm. next March.

The company says a formal antitrust process has yet to begin in China, even though the acquisition was announced 14 months ago, although it said the deal had been reached by authorities there. “consider”.

Nvidia’s after-tax earnings jumped 84% in the most recent period to $2.46 billion, or 97 cents a share. On the basis of Wall Street’s company valuation, earnings per share rose to $1.17, 6 cents higher than expected.

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