Marvell Technology Stock Jumps as Chip Stocks Keep Rising

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A day after optimism about the future for AI led shares of Nvidia higher, Marvell Technology stock is making its big move with chip stocks continuing to climb.

The stock was recently up more than 27%, on pace for its highest close since April 2022. The data-infrastructure-semiconductor-solutions company’s chief executive, Matt Murphy, said yesterday evening that the company expects revenue growth to accelerate in the second half of the fiscal year.

“While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years,” said Murphy.