: Intel stock drops after report of Microsoft developing its own chips

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Intel Corp. shares dropped Friday following a report that Microsoft Corp. was developing in-house chips for its servers and Surface PCs. Using Arm designs. Intel INTC shares fell 6% to $47.60 in recent activity, while shares of Advanced Micro Devices Inc. AMD, which also makes CPUs, declined 2.3% to $94.59. Microsoft MSFT plans to develop a chip using Arm Holdings PLC designs for its data centers, and exploring using another chip to power its PCs, Bloomberg reported on Friday. In September, Nvidia Corp. NVDA offered $40 billion to acquire Arm from Softbank Group Corp. JP:9984 Nvidia shares were down 1.5% at $525.47. Microsoft shares declined 0.8% to $217.62.
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