Key insights
- Arm shares are soaring after announcing it will sell its own data center chips, with Meta as its first major customer. This shift allows Arm to benefit from bigger ticket purchases and expects to generate $15 billion annually within five years. Merck is buying Terns Pharmaceutical for $6.7 billion to expand its drug portfolio. On Holding's CEO is stepping down in May, surprising investors.
Yahoo Finance Senior Reporter Brooke DiPalma takes a closer look at some of Wednesday morning's trending tickers and stories.
Arm Holdings (ARM) stock is soaring after the company announced it will sell its own data center chips.
Merck (MRK) will buy Terns Pharmaceutical (TERN) for $6.7 billion.
On Holding's (ONON) CEO Martin Hoffmann will step down in May.
Now time for some of today's trending tickers. We're watching Arm, Merck and Turns Pharmaceutical and on holding.
First up, Arm shares are soaring after the company announced it will sell its own data center, uh data center chips for the first time ever.
Arm has traditionally licensed its intellectual property to other companies to develop their own chips, but now analysts say that the shift will allow Arm to benefit from bigger ticket purchases.
The company expects to generate $15 billion annually within five years. Arm also announced that Meta is its first major customer as the social media giant ramps up its AI data center buildout.
Next up, pharma giant Merk is buying biotech firm Turns Pharmaceutical for $6.7 billion.
The deal marks Merk's third multi-billion dollar acquisition in the past year alone, as the company looks to expand its drug portfolio.
Merk's active M&A plays also comes as its best-selling cancer drug is set to lose patent protection in 20 uh to 20 20 to 20 uh in 2028, that is.
Turns is currently developing medicine for a type of leukemia, which has sparked consumer and investor excitement after promising results from an early stage trial just last year.
Finally, let's take a look at on holdings because its chief executive officer Martin Hoffman is stepping down in May.
This comes as a surprise to investors with an analyst at Needham saying Hoffman was quote the face of the company.
In a statement, On says the mutual decision was made to preserve the company's entrepreneurial speed.
On is no stranger to C-Suite reshuffles after its co-CEO Mark Mauer stepped down last year. The athletic apparel company's co-founders will assume roles as co-CEOs, that once was a previous structure that it had after Martin Hoffman's departure.