UK chip designer Arm ‘cuts target valuation before Nasdaq listing’

Company said to be eyeing $50bn-$55bn compared with $64bn its owner Softbank stated last month

The British computer chip designer Arm has reportedly lowered its targeted valuation as the business speaks to investors before a long-awaited stock market float in New York.

Arm is targeting a valuation between $50bn and $55bn (£40bn to £44bn), down from the $64bn valuation given by its owner, Softbank, in a transaction last month, Reuters first reported.