Good morning from the Financial Times. Today is Friday, February 14th, and this is your FT News briefing.

Arm is causing a stir with a new chip project, and Sheehan might have to pump the brakes on going public.

Plus, the online brokerage firm Robin Hood finally has a feather in its cap.

So from what looked like a fintech startup in 2021, it's different now.

It looks like it's grown up.

I'm Mark Filipino, and here's the news you need to start your day.

Music to start your day. Arm will launch its own chip this year after securing meta as one of its first customers.

The move by the chip designer could upend the balance of a $700 billion industry.

I'm joined now by Tim Bradshaw, our global tech correspondent who helped break this story. Hi, Tim.

Hey, Mark. All right, Tim, so can you remind us exactly what Arm does now and how the move into

chip manufacturing will essentially change its business model.

So Arm is in many ways the most ubiquitous tech company that you may never have really heard of

because they operate behind the scenes. They make the blueprints, the designs that go into the chips

that are made by companies like Apple and Nvidia in the iPhone or the

GPUs at Power AI. And they have always been kind of Switzerland in the tech industry. They

have had to work with lots of companies that compete fiercely with each other. They had to kind

of balance that very delicately. And they license their intellectual property to everybody.

And moving into making their own chip brings them into competition with their own customers,

who just happened to be some of the world's most valuable companies.

Yeah, so what does it mean that companies like Meta are looking to buy chips from ARM?

So if we go back 20, 30 years, the number of companies that could design chips was pretty small.

And since Apple showed the world what you could do when you design your own chips for your own product,

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