Marvell Technology Surges on AI Demand and Strong Earnings
TL;DR Summary
Marvell Technology's stock surged over 13% in premarket trading following strong quarterly earnings and a positive outlook driven by high demand for its AI chips. The stock broke out from an ascending triangle pattern, suggesting a continued uptrend, with a predicted price target of $120. Key support levels to watch are $95, $84, and $76. The company expects fourth-quarter revenue to exceed forecasts, and anticipates AI chip sales to reach $2.5 billion by fiscal 2026.
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