Marvell Stock Soars on AI Demand and Record Data Center Growth
Marvell Technology Inc. saw its shares rise nearly 11% after reporting better-than-expected third-quarter earnings and a strong forecast, driven by demand for AI computing. The company reported a profit of 43 cents per share, surpassing analyst estimates, and anticipates up to 64 cents per share in the current period. CEO Matt Murphy highlighted the success of Marvell's custom AI silicon programs, which are now in volume production. The company expects fourth-quarter sales of approximately $1.8 billion, exceeding the $1.64 billion average estimate.