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MarketScreener Homepage  >  Equities  >  Nasdaq  >  NVIDIA Corporation    NVDA

NVIDIA CORPORATION

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Nvidia : targets Arm's customer network, CEO tells SoftBank's Son

10/28/2020 | 07:52pm EST

TOKYO, Oct 29 (Reuters) - The chief executive of Nvidia Corp said his planned acquisition of Arm from SoftBank Group Corp cost an "arm and a leg," but that the chip designer's valuable network of customers made it worthwhile.

Japanese tech conglomerate SoftBank announced in September it would sell Arm to U.S. chip designer Nvidia for $40 billion as it builds a cash pile through asset disposal.

"I had to pay you an arm and a leg for it," Jensen Huang told SoftBank CEO Masayoshi Son in a pre-recorded conversation at annual conference SoftBank World.

Huang, wearing his trademark leather jacket and sat before a fire, said Arm's customer network is its most valuable asset, and that he wants to bring Nvidia's artificial intelligence technology to those customers.

"I told you I was going to be the last and highest bidder," Huang said of the deal, which has raised concerns of potential harm to Arm's status as a neutral supplier amid trade tension between the United States and China.

The two billionaires were discussing the society-transforming potential of AI, which Huang characterised as "software writing software".

Son said he met with Huang four years ago in the garden of Son's home in California. He said they reminisced about Apple Inc co-founder Steve Jobs, who died in 2011, and the iPhone which Son said "changed the lifestyle of humanity".

"I think in the next 10 years, you are the one Jensen," said Son. (Reporting by Sam Nussey; Writing by Ritsuko Ando; Editing by Krishna Chandra Eluri and Christopher Cushing)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 0.55% 115.81 Delayed Quote.55.08%
NVIDIA CORPORATION 2.09% 529.0133 Delayed Quote.120.28%
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Financials (USD)
Sales 2021 16 456 M - -
Net income 2021 4 097 M - -
Net cash 2021 4 963 M - -
P/E ratio 2021 77,5x
Yield 2021 0,12%
Capitalization 321 B 321 B -
EV / Sales 2021 19,2x
EV / Sales 2022 15,8x
Nbr of Employees 13 775
Free-Float 61,7%
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Mean consensus OUTPERFORM
Number of Analysts 41
Average target price 583,79 $
Last Close Price 518,31 $
Spread / Highest target 35,1%
Spread / Average Target 12,6%
Spread / Lowest Target -34,4%
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Managers
NameTitle
Jen-Hsun Huang President, Chief Executive Officer & Director
Debora Shoquist Executive Vice President-Operations
Colette M. Kress Chief Financial Officer & Executive Vice President
William James Dally Chief Scientist & Senior Vice President-Research
Tony Tamasi Senior Vice President-Content & Technology
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