Market Chatter: Arm Chief Haas to Direct SoftBank's Global Semiconductor Operations

MT Newswires Live18:25

ARM Holdings ADR (ARM) Chief Executive Rene Haas is expected to direct a significant portion of SoftBank Group's plan to advance its artificial intelligence and semiconductor objectives, The Financial Times reported Thursday, citing multiple people familiar with the matter.

The executive will maintain his current position while simultaneously driving Project Izanagi, which serves as the Japanese conglomerate's strategy to challenge Nvidia (NVDA), the news outlet reported.

The prospective role involves overseeing processors and robotics but remains subject to board approvals from both organizations and excludes management of the Vision Fund or energy divisions, the report said.

SoftBank founder Masayoshi Son has already invested heavily in Microsoft-backed (MSFT) OpenAI and acquired businesses including Graphcore and Ampere that Haas plans to utilize, according to the reports.

Shares of the company were down 1% in Thursday premarket activity.

Arm and SoftBank Group did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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