Ambarella shares soar more than 20% on report chip designer is exploring sale
Ambarella shares popped 20.6% after a report that the chip designer is currently working with bankers on a potential sale. Shares also notched their best session since September 2021. Bloomberg reported the news, citing sources familiar with the matter. While no deal is imminent, the sources told Bloomberg that the firm may draw interest from semiconductor companies looking to improve their automotive business. Private equity firms have already expressed interest, according to the report.