Softbank Group Corp (OTC: SFTBY) owned British chip technology firm Arm Ltd launched its next generation of data center chip technology called Neoverse V2, Reuters reports.
It said Neoverse V2 increases power efficiency.
Arm said that chip giant Nvidia CorpNVDA built its latest data center processor, Grace using the Neoverse V2 design.
The technology will help Arm tap the booming data growth from 5G and internet-connected gadgets.
Arm made a big push into data center processors from previously powering most mobile phones.
Arm acknowledged companies like Ampere, Amazon.com IncAMZN, Fujitsu LtdFJTSF, and Alibaba Group Holding LimitedBABA already develop processor chips based on Arm technology for their data centers.
SoftBank looks to take Arm public, with an IPO likely in the fiscal year ending in March 2023.
Peer Intel CorpINTC has scaled back expectations for its Mobileye IPO amid a broader stock recession and could delay the share sale until 2023 from the prior mid of 2022, pending recovery.
Intel expects the IPO to value the self-driving technology business at up to $30 billion, down from an initial valuation of over $50 billion.
