Just a couple hours after rumors began to circulate that Apple may be eyeing chipmaker ARM as a potential acquisition, ARM's CEO strongly denied the reports.
The London Evening Standard wrote a story that the acquisition might be possible, which set off a flurry of blog postings and stock market activity.
ARM's shares began soaring with the prospects of the company being bought out by a behemonth like Apple. Prices of the stock jumped 3.4% to an 8-year high, making it the top performer of the day on British stock exchange FTSE 100. But UK-based ARM has a market cap of more than $5 billion, a fact that the company's CEO Warren East told The Guardian makes a buyout somewhat illogical.
"Exciting though it is to have the share price pushed up by these rumours, common sense tells us that our standard business model is an excellent way for technology companies to gain access to our technology. Nobody has to buy the company," said East in the news report.
ARM produces the chips that Apple uses in its iPhones, and Apple seems quite happy keeping a strong business relationship with the company. They just won't be calling Steve Jobs their boss anytime soon.
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