Arm (NASDAQ:ARM) stock is up on Thursday after investors in the semiconductor company learned that graphics card company Nvidia (NASDAQ:NVDA) holds a large stake in it.
A recent filing with the Securities and Exchange Commission (SEC) reveals that Nvidia holds 1,960,784 shares of ARM stock. These have a combined value of $147,343,114.
It isn’t just ARM stock that Nvidia is interested in. The company also revealed stakes in Nano-X Imaging (NASDAQ:NNOX), Recursion Pharmaceuticals (NASDAQ:RXRX), SoundHound AI (NASDAQ:SOUN) and Tusimple (OTCMKTS:TSPH) in that same filing.
Nvidia taking such a large stake in ARM stock is interesting, considering it once tried to acquire the company for $40 billion. That deal was shut down due to regulatory scrutiny, but it doesn’t look like Nvidia has lost interest in the British semiconductor company.
How This Affects ARM Stock
News of Nvidia buying nearly $150 million worth of ARM stock has the company’s shares on a wild ride today. The stock surged as much as 50% during pre-market trading on Thursday. However, the shares have mostly settled since then and are currently only up 2% as of this morning.
Trading activity for ARM stock also isn’t as high as one might expect at about 855,000 shares this morning. That’s still well below the company’s daily average trading volume of roughly 12.6 million shares.
Investors looking for all of the latest stock market stories are in the right place!
We have all of the hottest stock market news worth reading about on Thursday! Among that is what’s going on with shares of Cineverse (NASDAQ:CNVS), Treasure Global (NASDAQ:TGL) and China Natural Resources (NASDAQ:CHNR) stock this morning. You can catch up on all of these stories down below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
