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Marvell shares rocket 25% on beat and 'tremendous' business potential for A.I.

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Shares of Marvell Technology surged about 25% off the back of quarterly earnings results.

On an analyst conference call, Marvell CEO Matthew Murphy said the company had begun to reassess how it looked at the "tremendous" business potential of AI.

"In the past, we considered AI to be one of many applications within cloud, but its importance and therefore the opportunity has increased dramatically," Murphy said. Citi analysts said in a note to investors that the company has a major opportunity to grow its AI-driven revenue. Citi upped its price target from $58 to $61 and maintained its buy rating.estimated its AI revenue to be ~ $200 million, representing a strong uptick from FY22. The company expects AI sales to reach ~$400M+ in FY24 before doubling in FY25," the note from Citi's Atif Malik said.

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