The U.K.-headquartered chip design company Arm Holdings Plc. is reportedly planning to launch its first-ever complete semiconductor after securing Facebook’s parent company Meta Platforms Inc. as one of its first customers.

Arm, which is majorly owned by SoftBank, will start making its own chips now that Meta has signed on as a customer, according to the Financial Times. The chip is expected to be a CPU for servers in large data centers and can be customized for various customers. Arm will outsource its production.

(Reuters) -Arm Holdings plans to launch its own chip this year after securing Meta Platforms as one of its first customers, in a major shift to the chip tech provider's model of licensing its blueprints to other companies,

Arm Holdings Plc rose as much as 8.4% after the Financial Times reported that it landed Meta Platforms Inc. as an early customer for a new chip.

Key Takeaways Shares of Arm surged Thursday following a report the chip designer is developing its own chip, with tech giant Meta set to be one of its first customers.Arm could showcase the new chip as early as this summer,

Arm shares rose 5% after a Thursday report that it was developing its own chip and that it had secured Meta as one of its first customers.