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to $70 billion. now, ahead of the ipo, the cambridge based company revealed revenue was down 1% from a year earlier. the company, which is currently owned by japan s softbank, is a chip designer whose technology powers most smartphones around the world, including iphones. in 2020, silicon valley chip maker nvidia tried to buy arm, but the deal fell through because of regulatory scrutiny. despite that setback, nvidia is apparently in talks to take a major stake in the company when it goes public. other possible big investors being floated around include apple and microsoft. since acquiring arm in 2016, softbank has touted the role it will play in the ai revolution. this offering to american investors will be a test of that claim. more now on the brics summit that is getting under way in south africa. the brics group is made up

Chip designer70 billion0 billionSilicon valleyMai revolutionBrics summitBrics groupSouth africa