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 company exceeded revenue forecasts, projecting $1.80 billion for the fourth quarter, and anticipates AI chip sales to reach $2.5 billion by fiscal 2026. Technical analysis indicates a bullish trend with a potential price target of $120, while key support levels to watch are $95, $84, and $76.
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