Nvidia stock tanked 3.4% in premarket trading
Tiger Newspress2021-04-19
Nvidia stock tanked 3.4% in premarket trading because UK intervenes in Nvidia's takeover of ARM on national security grounds.
Britain said on Monday it would intervene in SoftBank's sale of chip designer ARM Holdings to U.S. group Nvidia on national security grounds.
Digital Secretary Oliver Dowden said: "Following careful consideration of the proposed takeover of ARM, I have today issued an intervention notice on national security grounds.
"As a next step and to help me gather the relevant information, the UK’s independent competition authority will now prepare a report on the implications of the transaction, which will help inform any further decisions."
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