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

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.

Technology Technology Latest News, Technology Technology Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: CNBC - 🏆 12. / 72 Read more »

Chipmaker Marvell Technology expects AI revenue to double this yearMarvell Technology Inc on Thursday forecast its artificial intelligence (AI) revenue would double for the year, becoming the second U.S. chip company in as many days to bet on the breakthrough technology.
Source: Reuters - 🏆 2. / 97 Read more »

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

Here’s how AI will change the way we work in the next 25 yearsThe “artificial intelligence” technologies available today — and into the future, barring an unforeseen sudden breakthrough — are programs that predict what to generate based on the patterns in the…
Source: mercnews - 🏆 88. / 68 Read more »