Marvell Technologies ($MRVL) rallied 32.42% last week Friday, catalyzed by leveraged AI momentum. The semiconductor company’s stock (ticker: MRVL) surged after it forecasted a highly optimistic growth outlook, boosted by the use of artificial intelligence.
$MRVL offers a broad, innovative portfolio of data infrastructure semiconductor solutions spanning compute, networking, security and storage.
Despite the company just getting introduced to AI, Marvel’s ($MRVL) is upbeat and optimistic about the hot sector. He is so optimistic that he projected doubled AI revenue in fiscal 2024 from the prior year.
“AI has emerged as a key growth driver for Marvell,” said CEO Matt Murphy. Much of Murphy’s enthusiasm seems to stem from the fast growth spurt in Nvidia stock, which added more than $200bn in a day on expected demand for AI chips.
A lot of optimism has started sprouting from the AI boom and only time will tell whether it is just another buzzword/bubble, despite the actual value of AI being undisputable.
The stock is currently up +65% this month.
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