Invesing.com — Wednesday’s strong gains in chip maker Arm Holdings ADR (NASDAQ:ARM) is in part tied to news from Tuesday that CEO Rene Haas will take on the additional role of Chief Executive Officer of SoftBank Group International. <\/p>\n
The appointment became effective on Monday. <\/p>\n
Shares of Arm are up 10% in mid-day trading and have tapped a new 52-week high. <\/p>\n
SoftBank Group International is an operating platform that oversees certain international subsidiaries of SoftBank Group Corp. <\/p>\n
In his expanded position, Haas will support coordination across companies in the SoftBank Group International portfolio focused on semiconductors and artificial intelligence, with the aim of further enhancing operational efficiency. <\/p>\n
Haas will continue to serve as CEO of Arm and remain a member of its Board of Directors. <\/p>\n
The news is important to Arm, given that Softbank is the company’s largest shareholder. There were concerns that Softbank could reduce its stake in the near term. So the news suggests the partnership between the two is as strong as ever. <\/p>\n
In addition to the Haas news, Arm has been benefiting from CPU shortages amid the AI buildout and higher CPU prices as a result. <\/p>\n
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