Broadcom rallies on forecast for booming AI chip demand [Yahoo! Finance Canada]
Marvell Technology, Inc. (MRVL)
Last marvell technology, inc. earnings: 3/4 04:05 pm
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Source: Yahoo! Finance Canada
value after it forecast that demand for its custom AI chips would keep rising in the coming years. The company was on track to add around $120 billion to its market value of $843 billion, based on premarket share movements, as it also forecast revenue for the first quarter above Wall Street estimates on Thursday. Rival Marvell Technology's shares gained 5.3%. Broadcom has become a go-to supplier for big technology companies looking to reduce their dependence on pricey, supply-constrained AI processors made by front-runner Nvidia by developing their own advanced custom chips. That has pushed Broadcom's shares up more than 62% so far this year. CEO Hock Tan said on Thursday he expected the AI market to present a revenue opportunity between $60 billion and $90 billion for fiscal 2027, adding that Broadcom had won two major hyperscaler customers, which refers to large cloud firms. The company said it captured more than $12 billion of the total serviceable AI revenue of between $15
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MRVL
News
- Marvell Technology, Inc. (NASDAQ: MRVL) had its price target raised by analysts at Morgan Stanley from $102.00 to $120.00. They now have an "equal weight" rating on the stock.MarketBeat
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MRVL
Earnings
- 12/3/24 - Beat
MRVL
Sec Filings
- 12/17/24 - Form 4
- 12/17/24 - Form 4
- 12/17/24 - Form 4
- MRVL's page on the SEC website