Arm Holdings plans to launch its own chip this year after securing Meta Platforms as one of its first customers, in a major shift to the chip tech provider's model of licensing its blueprints to other companies,

Arm Holdings Plc rose as much as 8.4% after the Financial Times reported that it landed Meta Platforms Inc. as an early customer for a new chip.

The UK-based chip designer pivots to selling its own chips, securing Meta as its first major customer, and challenging long-time industry partners.