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00:02Arm Holdings shares rose in after hours trading on Tuesday after the company announced plans
00:07to sell its own AGI CPU chips and outlined long-term revenue targets, according to Benzinga.
00:13The company said at an event in San Francisco that it will begin selling in-house chips,
00:18with Meta Platform set as the first major customer.
00:21Arm expects the new chip to generate about $15 billion in annual sales within five years.
00:26It expects total annual sales to reach $25 billion over the same period, with earnings
00:32of about $9 per share.
00:34The chip will have up to 136 cores and draw 300 watts of power.
00:38Taiwan's semiconductor manufacturing will produce the chips.
00:42Shares were up by 10.75% at $151.60 in Wednesday's pre-market trading, according to Benzinga Pro.
00:50For all things money, visit Benzinga.com.
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