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Good morning. Arm valued at $54.5 billion ahead of today’s IPO, Goldman Sachs fires executives, and Ray Dalio says cash is good. Here’s what’s moving markets.

SoftBank satisfied its ambitions for Arm by raising $4.87 billion in the year’s biggest initial public offering, while resisting the temptation to try for more. Whether Arm’s return to the public market goes smoothly and paves the way for other soon-to-be public companies won’t be known until the chip designer’s shares start trading on Thursday. At the IPO price, Arm is valued at about $54.5 billion, according to Bloomberg News calculations. In Arm’s favor, the IPO was oversubscribed more than 10 times. That means that investor interest exceeded supply at the offered price range of $47 to $51 a share and could help push up the stock once trading begins.