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Great news for the semiconductor ecosystem, absolutely! Coincidentally, a podcast conversation with Charlie Janac, ArterisIP CEO will be posted on Fridat at 10am.
Newly public chip-technology firm Arteris IP (NASDAQ:AIP) rallied Friday for the second session out of the past three, rising nearly 25% on the day and almost 60% since it started trading Wednesday following an IPO.
AIP rose to as high as an intraday-record $23.97 before settling back to close at $22.35, up 23.8% for the session and 59.6% from the stock’s $14-a-share IPO price.
The stock had already soared 30% in its first session Wednesday, then pulled back just 0.8% on Thursday before resuming its strong upward momentum Friday.
The hefty gains marked a sharp reversal from AIP’s seemingly unimpressive initial public offering, which priced at the bottom of the IPO’s expected $14-$16/share range.
The strong rally since then has come on no apparent news other than continued enthusiasm for the IPO, which Arteris (AIP) staged amid a worldwide chip shortage that’s hitting the auto industry and other sectors that use the company’s services.
AIP sells chip makers intellectual property to help develop so-called “System-on-Chip” semiconductor designs, or “SoC.” The company caters to some of the tech world’s current hottest applications, such as cars, 5G and artificial intelligence.
Its client roster includes such A-list firms as Toshiba (OTCPK:TOSYY), South Korean-listed Samsung, privately held Bosch and the MobilEye unit of Intel (NASDAQ:INTC).
