The Federal Trade Commission has sued to block U.S. chip supplier Nvidia Corp.’s $40 billion acquisition of the SoftBank Group Corp.-backed UK chip design provider Arm. FTC Bureau of Competition Director Holly Vedova said the proposed vertical deal could offer the influential chipmaker control over the computing technology and designs relied on by the rivals…

SAN FRANCISCO—Arm Ltd., the British chip technology firm in the midst of a $54 billion takeover by Nvidia Corp., on Monday announced tools aimed at cutting the development time of so-called “internet of things” connected devices by some 40 percent. For decades, the process of developing most computing devices saw chips and hardware first completed,…