Boris Johnson and the UK cabinet have made a last-ditch effort to persuade SoftBank, the owner of chipmaker Arm, to go public on the London Stock Exchange instead of New York.

According to FT, London Stock Exchange ministers and executives launched a charming offensive to persuade SoftBank to reconsider its decision to list only on the New York Stock Exchange (NYSE). It is believed that the Prime Minister himself wrote to the leaders of SoftBank to try to influence their decision on the initial public offering (IPO) of Arm.

“The problem with London is that it is too small for an Arm-sized company,” Herman Hauser told the BBC. today program aired earlier today (May 5). “Riding with New York will be the natural solution. That’s right, London doesn’t have the cover of analysts for technology companies that New York has, and unfortunately it doesn’t have the same cover. “

Hauser said that while Johnson and most of parliament were, unfortunately, “technologically illiterate,” they were awakened by the fact that it was important to support local technology companies with local stock exchanges. But Hauser added: “It’s a little late to wake up – but better late than never.”

David Bicknell, chief analyst at GlobalData’s intelligence team, described the UK government’s lobbying efforts as “political opportunism”, adding: “The UK government has only its own interests in mind – not the future of Arm. The LSE’s desire to convince SoftBank that Arm should list in London is understandable, but the chances of that happening are slim. SoftBank will not rethink its plans for New York, nor should it.

“At a time when the global technology market is not the strongest, Arm should be able to move to the destination where most investors and key semiconductor supporters, such as Qualcomm, are based. This is New York, not London. Following the collapse of Nvidia’s acquisition of Arm, SoftBank needs investment security. London may want to be a global hub for investing in technology, but it is not there yet.

In March, Bloomberg reported that SoftBank was seeking an Arm valuation of at least $ 60 billion, well above Nvidia’s $ 31 billion bid, which failed due to regulatory pressure.

During his interview with today program, Hauser said that thanks to Apple M-based hardware that uses the Arm chip, the chipmaker has now expanded beyond the Internet of Things (IoT) and mobile devices to desktops and servers.

“Arm has a 95% market share in mobile phones,” he said. “It’s very strong with built-in controllers. Each computer has 10-20 hands in them as microcontrollers. But few people know that Arm has managed to create a processor that is as powerful as Intel’s processors.

But unlike Intel, he said, public cloud operator Amazon, which has an Arm implementation called Graviton3, only pays Arm’s “single-digit rewards” compared to Intel’s 60% gross margin. “They get the most expensive component in their data center for half the price,” he added.

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