Marvell Technology shares were dropping Friday as investors reacted with disappointment to the lack of a beat-and-raise from the semiconductor company. Analysts are still backing the stock on the growth of artificial intelligence.
Wall Street analysts still think Marvell –which designs data storage and networking chips– is doing a good job. Marvell executives said on an earnings call that they now expect AI-related revenue growth to be stronger than previously predicted, hitting $200 million for the fourth quarter alone and accelerating from there. However, they said expectations for a data-center storage recovery have been delayed.
Marvell’s fall and the volatile stock moves after Nvidia ‘s earnings beat suggests investors are beginning to put in a higher bar for stocks that have risen based on AI excitement. Marvell shares were up 55% this year as of Thursday’s close.
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