(Reuters) -Chipmaker Ampere Computing, founded by the former president of Intel Corp, said on Monday it had confidentially filed for an initial public offering (IPO) in the United States.
Founded in 2018, Ampere is among a number of companies that aim to challenge Intel and Advanced Micro Devices Inc, which are dominant players in a booming market for data center and cloud computing chips.
Chip demand surged during the pandemic with the shift to remote work. Last year, chipmaking giant GlobalFoundries Inc went public in the United States.
However, the IPO market in the United States has slowed down due to saturated investor demand and high volatility due to unfavorable macroeconomic conditions, which have led companies to postpone their IPOs or mergers with blank-check companies.
Founder Renee James, who serves as Ampere’s chief executive officer, also sits on the boards of Citigroup Inc and Oracle Corp.
(Reporting by Niket Nishant in Bengaluru; Editing by Amy Caren Daniel)
