SoftBank Group Corp.'s decision to list British chip designer Arm Ltd. is good news for New York, bad news for London and the best option left for the Japanese group after the collapse of its blockbuster sale to Nvidia Corp.
Arm, whose technology underpins the global smartphone industry, is most likely to float on the Nasdaq, SoftBank CEO Masayoshi Son said, where it will tap into U.S. investor appetite and analyst expertise.
The move deals a blow to London where Arm traded, with a secondary listing on Nasdaq, from 1998 to 2016 before it was sold to SoftBank for $32 billion.