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

  • 📰 CNBC
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 72%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 12. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Stocks making the biggest moves after hours: Gap, Marvell Technology, RH, Ulta and moreThese are the stocks posting the largest moves in after-hour trading.
Källa: CNBC - 🏆 12. / 72 Läs mer »

Stocks making the biggest moves premarket: Marvell Technology, Gap, RH & moreThese are the stocks posting the largest moves in early trading.
Källa: CNBC - 🏆 12. / 72 Läs mer »