Tech stocks rose in intraday trading Monday, with the S&P 500 Information Technology Sector Index up 0.6% and the tech-heavy Nasdaq Index up 0.2% as of noon ET. The broader S&P 500 index was flat.
Shares of Squarespace (SQSP) soared after private equity firm Permira announced it would acquire the website-building and hosting software maker and take it private. Another private equity firm, Apollo Global Management, is reportedly in advanced talks with Intel (INTC) to finance a new factory in Ireland, sending the chipmaker's stock price higher. ing. Arm Holdings (ARM)'s American Depositary Receipts (ADRs) rose on reports that the semiconductor designer plans to launch its first artificial intelligence (AI) chip next year.
Squarespace is taken private by Permira in a $6.9 billion deal
Squarespace shares rose 13% after private equity firm Permira announced it would buy the website-building and hosting software provider for $6.9 billion in cash. The deal will pay Squarespace investors $44 per share, 15.2% above Friday's closing price. Squarespace's founder and CEO, Anthony Casalena, will retain his position and remain a major shareholder.
Intel is reportedly in advanced talks with Apollo to raise more than $11 billion for Irish factory
Apollo Global Management is in talks with a private equity firm to provide more than $11 billion to chipmaker to build a factory in Ireland, The Wall Street Journal reported. Intel shares rose 3% as a result. The newspaper said an agreement could be reached within the next few weeks. Intel already has a large presence in Ireland, with CEO Pat Gelsinger calling the country “Silicon Isle.”
Arm gains after reports it plans to release its first AI chip next year
Arm's ADR rose 6% following reports that the UK-based chip design company plans to launch its first AI chip in 2025. Arm plans to have a prototype completed by next spring, and mass production will begin in the fall, when the company plans to hire contract manufacturers to produce the chips.
