Tech giant Arm has announced plans to open a new site in Bristol.

It comes as the company, whose processing technology is used in smartphones, sought to underline its commitment to the 海角视频 after it rebuffed the government鈥檚 attempts to persuade it to consider a float on the London Stock Exchange.

It is unclear whether a specific site in or around the city has been earmarked, how many jobs it would potentially create, or the type of work that would be performed there.

The microchip designer, which has its global headquarters in Cambridge and is owned by Japanese multinational conglomerate Softbank Group, told BusinessLive it would be providing more details on the new site 鈥渋n the coming weeks鈥.

Chief executive Rene Haas said that after 鈥渟everal months鈥 of engagement with government officials and the Financial Conduct Authority, the firm had decided that a US-only listing on the NASDAQ index was 鈥渢he best path forward鈥 for this year.

Mr Haas went on to say: 鈥淚n addition, we are announcing new plans to further increase our 海角视频 presence with the opening of a new site in Bristol and continued headcount growth.

鈥淎rm also intends to maintain its headquarters, operations and material IP in the 海角视频. Arm is proud of its British heritage, and continues to work with the British Government. We will continue to invest and play a significant role in the British tech ecosystem. Arm also intends to consider a subsequent 海角视频 listing in due course.鈥

Russ Shaw, founder of tech trade network Tech London Advocates and Global Tech Advocates, said Arm鈥檚 decision to opt for New York over London was 鈥渁 significant blow鈥 to the 海角视频 sector.

Mr Shaw, who recently led calls for Prime Minister Rishi Sunak to publish a national semiconductor strategy, said Arm had been 鈥渁n important global leader鈥 in the field and an 鈥渆xemplar British technology and chip design company鈥.

He added: 鈥淭here are glimpses of hope from Arm that they still recognise a commercial value in keeping roots in the 海角视频. For example, they are keeping their HQ and material IP in Cambridge and that they plan to open a site in Bristol 鈥 but it鈥檚 a far cry from an LSE listing and demonstrates a lack of faith in the 海角视频.

"Ultimately, this will reinforce valuable lessons. Arm鈥檚 decision must be upheld as a case study for the 海角视频 Government of how 鈥榥ot to do it鈥.

鈥淎rm鈥檚 journey to the NASDAQ was somewhat sealed when it was allowed to be sold to an overseas acquirer back in 2016. Nations like the US and China that recognise the strategic value of chip companies would not have allowed such decisions to be made - then or now 鈥 and the 海角视频 must now endeavour to proactively protect its semiconductor industry.鈥

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