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(Bloomberg) -- Alphabet Inc. is facing a new and, by most accounts, welcome problem — how to spend its rapidly expanding pile of cash. Most Read from BloombergDavid Solomon Scrutiny Spreads From Goldman to Alma MaterMaui Now Looks a Lot Less Like ParadiseBankman-Fried in Custody After Bail Is Revoked Over LeaksLook to the Options Market for Signs of Stock Market TroubleThe Google owner generated nearly $29 billion in cash in the second quarter after cutting thousands of jobs and efforts to stanc

The Netherlands-based company has appointed JPMorgan Chase & Co. and Morgan Stanley to the top line and is in the process of adding further banks to the IPO syndicate.

According to people familiar, Amazon may join Intel and NVIDIA in investing into ARM as parent company SoftBank prepares the chip maker's IPO.

Amazon's potential involvement in the IPO, which has not previously been reported, underscores Arm's significance in cloud computing. Amazon Web Services, the internet giant's cloud business, makes its own processing chip called Graviton, using Arm's design.