Shares of chipmaker Arm Holdings (NASDAQ:ARM) are up 3.3% to trade at $121.15 at last check, after the Financial Times reported the company's artificial intelligence (AI) chip technology will be used in Apple's (AAPL) iPhone 16 that is slated for unveiling later today.
Apple's latest A18 chip, which is set to be unveiled at an event on Monday, has been developed using SoftBank -owned Arm's newest V9 chip design, the Financial Times newspaper reported on Saturday.
On Tuesday, the Institute for Supply Management released its Manufacturing Purchasing Managers' Index for August, and the results were worse than expected. The contraction in U.S. manufacturing rekindled fears of an economic slowdown or recession.
Investors have had concerns that the pace of AI adoption might slow after a blistering run since early last year. These fears sent fair-weather investors to the sidelines in recent weeks, sending many AI-related stocks lower.
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