Nvidia is trying to buy British chipmaker Arm Holdings from current owner Softbank for $40 billion, according to the Financial Times. Japanese holding company Softbank Group paid $32 billion to acquire Arm as recently as 2016; Nvidia is likely to finance part of the deal with its own shares.

Nvidia, which the Financial Times noted "recently surpassed Intel to become the world's most valuable chipmaker," tends to focus on high-end chips favored by PC gamers, while Arm currently dominates the mobile, tablet, and smart TV chips, where it dominates the market.

Nvidia recently acquired Swiftstack, a data storage and management platform, and Mellanox Technologies, a supplier of InfiniBand and Ethernet networking products.

According to the Financial Times, the acquisition could be announced on Monday.