Cadence Design Systems Enhances Design Portfolio with Arm Artisan Foundation IP Acquisition

Cadence Design Systems Inc. (NASDAQ:CDNS) is one of the best QQQ stocks to buy right now. On August 27, Cadence Design Systems finalized its acquisition of the Arm Artisan Foundation IP business. The acquisition includes standard cell libraries, memory compilers, and general-purpose I/Os (GPIOs) that are optimized for advanced process nodes at leading foundries.

Cadence Design Systems, Inc. (CDNS) Benefits From Its Relationship With NVIDIA, Says Jim Cramer

The newly acquired assets will enhance Cadence’s existing design IP portfolio, which already features a strong collection of protocol and interface IP, memory interface IP, and SerDes IP for advanced nodes. The acquisition reflects Cadence’s goal to improve customers’ time to market and optimize the cost, power, and performance of SoC designs.

For the current year, the acquisition is expected to be immaterial to both revenue and earnings. Cadence is a market leader in AI and digital twins, and its computational software is used to accelerate engineering design from silicon to systems. In 2024, the Wall Street Journal recognized Cadence as one of the world’s top 100 best-managed companies.

Cadence Design Systems Inc. (NASDAQ:CDNS) is a company that provides software, hardware, and other services worldwide.

While we acknowledge the potential of CDNS to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CDNS and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.