Cambridge-based chip designer Arm has overtaken HSBC and Unilever to become the fourth most valuable UK-headquartered company.
Shares in the US-listed company soared as much as 30 per cent on Monday to trade as high as $158.55, before settling at $147.03.
It brings its total market capitalisation to $150billion, putting it behind just Shell, gas company Linde and pharmaceutical giant AstraZeneca.
Arm overtakes HSBC as the fourth most valuable UK-headquartered company
It extends a rally which began last week after Arm reported its third-quarter earnings had beaten estimates.
Arm creates and licenses semiconductor designs rather than manufacturing chips which means it earns money through royalties.
The company, whose technology is in nearly every phone and computer, said its total revenue in the quarter increased 14 per cent from a year earlier to $824 million.
Chief executive Rene Haas said the company had benefited from surging demand for new artificial intelligence (AI) applications.
Arm initially listed on the London Stock Exchange before a deal with SoftBank took it private in the wake of Brexit. It then flirted with another UK IPO before listed on the tech-heavy Nasdaq in the US last summer.
Since then its shares have climbed 135 per cent.
Russ Mould, investment director at AJ Bell said: ‘UK investors feeling peeved that Cambridge-based chip champion ARM didn’t return to the London stock market will have that feeling magnified by the company’s latest update.’
