Ambarella soars more than 20% on report chip designer is exploring sale

Ambarella After a report where the chip designer is currently working on a potential sale with bankers, stocks exploded 20.6%. Stocks have also notched the best sessions since September 2021.

Bloomberg reported newsReferring to sources familiar with the subject.

Although no agreement is close, the sources told Bloomberg that the company may attract attention from semiconductor companies who want to improve their automotive business. According to the report, private capital companies have already stated that they are interested.

Santa Clara, California -based company, is known for its software used for system semiconductors and Edge artificial intelligence. Ambarella chips are used for electronic mirrors in the automotive industry and self -going to help systems.

Stocks fell by about 18% to date. The market value of the company was the latest about $ 2.6 billion.

Read the Bloomberg story Here.