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Arm Ltd. is gearing up for the biggest initial public offering of the year and is pitching investors on a pivot. The company is now doing complex design work focused on specific products, tailored for key areas of growth such as mobile devices, cloud computing, car electronics and internet-connected technology. Arm is seeking a valuation of up to $54.5 billion in its IPO this week, and has endorsements from Nvidia Corp. Chief Executive Officer Jensen Huang and James Hamilton, architect of much of Amazon.com Inc.’s AWS hardware. Nvidia, now the most valuable chip company, is backing Arm’s IPO and plans to be a strategic investor.