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Why Nvidia Stock Rocketed Today

Rich Smith, The Motley Fool
·2-min read
Why Nvidia Stock Rocketed Today

Shares of Nvidia (NASDAQ: NVDA) stock closed down 4.5% on Tuesday after Bloomberg reported that Nvidia's $40 billion bid to buy Britain's Arm Holdings is all but dead. Nvidia may abandon the deal, said Bloomberg, and SoftBank -- Arm's seller -- is already contemplating putting Arm up for an initial public offering instead. When Nvidia announced its intention to purchase Arm back in September 2020, the company explained that it would meet 70% of its $40 billion purchase price by paying in shares.

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