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Marvell stock price soars after citing AI as 'key growth driver'

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Marvell follows Nvidia's rally, surging 29% after chip maker cites AI as 'key growth driver'

Marvell Technology stock jumped as much as 29% on Friday after posting a glowing second-quarter forecast, citing artificial intelligence technology as a"key growth driver" for the US chipmaker.

On a call with analysts Thursday, chief executive officer Matthew Murphy said Marvell is looking at the"AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud-optimized silicon platform," Murphy said in aHe added:"While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming...

 

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