British semiconductor IP giant Arm's CEO: Company is developing its own chips.

British semiconductor IP giant Arm announced on Wednesday local time a lower-than-expected forecast for the next quarter, partially due to Arm's plan to invest some profits in manufacturing its own chips and other components, disappointing investors. This also led to a 8.65% drop in Arm's stock price in after-hours trading on Wednesday. Arm CEO Rene Haas stated that the company is investing in developing its own chips, marking a significant shift in the company's model of licensing chip IP designs to other companies.