Nvidia To Scrap $40bn Takeover Of Chip Firm Arm: Report

US firm Nvidia is scrapping its $40 billion bid to buy UK mobile chip technology powerhouse Arm from SoftBank after persistent objections from regulators, the Financial Times reported Tuesday. Nvidia and SoftBank Group both declined to comment on the report, which cited three unnamed sources with direct knowledge of the deal. But the collapse would be no surprise, after recent speculation that the deal was on the verge of failure following pressure from US, UK and EU regulators concerned it would undermine competition. In December, US regulators filed a lawsuit seeking to block the merger, while British and European regulators had ordered probes into the deal. Japan's SoftBank Group announced in 2020 that it was selling Arm for up to $40 billion in a deal it hoped to complete in early 2022, subject to regulatory approvals. The value of the cash-and-shares deal has risen since as stock markets have rallied, with Nvidia's shares soaring.