shares Marvell technology<\/button><\/span><\/span><\/span> It continued to rally overnight Friday, up about 32% on the back of quarterly earnings results that beat top and bottom earnings.<\/p>\n

On Thursday, the chip maker posted 31 cents in adjusted earnings per share for the first quarter, more than Refinitiv’s estimate of 29 cents per share. Revenue was $1.32 billion for the period, more than the $1.3 billion analyst consensus.<\/p>\n

Marvell shares are now trading at levels not seen since April 2022.<\/p>\n

On a conference call with analysts, Marvell CEO Matthew Murphy said the company had begun to reassess how it viewed the “enormous” commercial potential of AI.<\/p>\n

\u201cIn the past, we considered AI as one of many applications within the cloud, but its importance and therefore opportunity has increased exponentially,\u201d Murphy said.<\/p>\n

Citi analysts said in a note to investors that the company has a great opportunity to grow its AI-driven revenue stream. Citi raised its price target from $58 to $61 and maintained the Buy rating.<\/p>\n

A memo from Atif Malik of Citi said: \u201cIn fiscal year 2023, MRVL estimated AI revenue to be around $200m, which is a solid uptick from FY22. The company expects AI sales to reach $400m+ in FY24 before doubling in fiscal year 25″.<\/p>\n

Several semiconductor companies saw an uptick in Wednesday’s earnings report from Nvidia. Nvidia’s market capitalization is now close to $1 trillion.<\/p>\n

\u2014 CNBC’s Michael Blum and Chris Hayes contributed to this report.<\/em><\/p>\n<\/div>\n<\/div>\n

[ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":"

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