Marvell Soars to Record High After AI Demand Bolsters Outlook
- Chipmaker posts better-than-expected earnings, rosy forecast
- Custom AI chips have helped boost sales, Marvell CEO says
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Marvell Technology Inc. shares jumped to a record high after the chipmaker delivered better-than-expected results and an upbeat earnings forecast, citing demand for artificial intelligence computing.
Third-quarter profit was 43 cents a share, excluding some items, the company said in a statement Tuesday. That beat the 41-cent average estimate of analysts. Marvell expects earnings on that basis of as much as 64 cents in the current period, well ahead of the 52-cent projection.