Marvell Shares Surge 32% Friday
May 26, 2023 By MarketDepth
Marvell Technologies (MRVL:NASD) beat analyst estimates causing its stock price to roar higher into the close. The stock is up almost 90% year-to-date and is trading at values from March 2022. The company is seeing tremendous success in its A.I. sector and will be spending more capital on developing there AI rollout.
Chipmaker Marvell is trading at $65.51 a share, giving the company over a $65 billion market cap. The company announced $1.32 billion in revenue for the first quarter.
“In the past, we considered AI to be one of many applications within cloud, but its importance and therefore the opportunity has increased dramatically.”Marvell CEO Matthew Murphy
Many chipmakers saw there stock prices increase after Nvidia saw another successful quarter of revenue. Marvell stock is up almost 50% on the week.