{"id":14477,"date":"2023-05-27T02:15:15","date_gmt":"2023-05-27T06:15:15","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/marvell-stock-rockets-more-than-30-its-best-day-ever-is-it-the-next-hot-ai-play\/"},"modified":"2023-05-27T02:15:18","modified_gmt":"2023-05-27T06:15:18","slug":"marvell-stock-rockets-more-than-30-its-best-day-ever-is-it-the-next-hot-ai-play","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14477","title":{"rendered":"Marvell stock rockets more than 30%, its best day ever \u2014 is it the next hot AI play?"},"content":{"rendered":"
\n

Is Marvell Technology Inc. the next hot artificial intelligence play? Wall Street seems to be betting on that, judging by the stock\u2019s massive Friday move. <\/p>\n

Marvell shares
\n MRVL,
\n +32.42%<\/bg-quote>
\n rose 32.4% in Friday action, making for a historic day of gains as the stock logged its largest single-day percentage on record. The rally comes on the heels of the chip company\u2019s latest earnings report, which broke a streak of guidance misses, but, more important, carried hefty talk of the company\u2019s expected role in the artificial-intelligence revolution. <\/p>\n

\n

Chief Executive Matt Murphy said during Thursday\u2019s earnings release that AI is a \u201ckey growth driver\u201d for Marvell, and he projected that revenue from AI could at least double this fiscal year. The term \u201cAI\u201d came up 97 times on Marvell\u2019s earnings call.<\/p>\n

Don\u2019t miss: Nvidia short sellers get scorched further, racking up $2.2 billion in paper losses Thursday<\/strong><\/p>\n

Marvell\u2019s \u201cAI story stole the show and is driving the stock higher,\u201d Needham analyst N. Quinn Bolton wrote in a note to clients, while noting that the company also put dollar figures on its AI opportunity. AI-related revenue was about $200 million last fiscal year, meaning it could reach at least $400 million this fiscal year and double again from there in the following fiscal year.<\/p>\n

\u201cWith these figures and given management\u2019s clear conviction in the company\u2019s AI positioning,\u00a0we expect AI to account for [more than] 15% of FY25 (CY24) total sales and continue to grow,\u201d Bolton wrote, while maintaining a buy rating and boosting his target price to $65 from $50.<\/p>\n

Benchmark analyst Cody Acree noted that while Nvidia Corp.\u2019s stock
\n NVDA,
\n +2.54%<\/bg-quote>
\n has also gotten a huge boost from AI potential, the two companies serve different parts of the equation.<\/p>\n

Read: Nvidia CFO on record-breaking forecast: \u2018The inflection point of AI is here\u2019<\/strong><\/p>\n

\u201cNvidia is likely to see AI growth driven largely by the adoption of accelerated computing advantages offered by GPUs becoming the core computing choice, versus traditional CPUs, of a growing percentage of data center spending budgets,\u201d he wrote. \u201cMarvell, on the other hand is expecting to see its growth driven largely by the need for exponentially increased bandwidth connectivity solutions used to communicate within and between data centers, in order to take full advantage of the shifting processor opportunities resulting from future data workloads.\u201d<\/p>\n

He had a buy rating on the stock and bumped up his price target to $75 from $70.<\/p>\n

Other analysts sought to pump the brakes a bit, with TD Cowen analyst Matthew Ramsay writing that \u201ctime will tell\u201d whether Marvell emerges as \u201ca top AI growth play.\u201d<\/p>\n

\u201cMarvell may be nearing the end of the inventory correction that has buffeted recent results,\u201d he wrote, while keeping his outperform rating and raising his price target to $65 from $50. \u201cLots of discussion on long-term AI opportunity, but not quite out of the woods yet in our view.\u201d<\/p>\n

Mizuho\u2019s Jordan Klein wrote that Marvell\u2019s stock rally comes amid \u201ca buying\u00a0frenzy for \u2018the next gen AI winner and NVDA catch up trade\u2019\u00a0as the CEO not only called the bottom in their revs starting Q2 \u201924 onward, but went out of his way to talk up how their\u00a0AI related design win funnel had MATERIALLY EXPANDED in past qtr and they now are confident that their AI related revs will double in \u201924 vs \u201923 and again in \u201925.\u201d<\/p>\n

But Klein, a desk-based analyst associated with Mizuho\u2019s sales team and not its research arm, noted that 2024 and 2025 consensus expectations for Marvell weren\u2019t budging much despite all the talk.<\/p>\n

Marvell stock had trailed the S&P 500 index
\n SPX,
\n +1.30%<\/bg-quote>
\n in the past year until Friday\u2019s sudden surge. Shares are now up 15% in the past year, as the S&P 500 has gained 2.3%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Is Marvell Technology Inc. the next hot artificial intelligence play? Wall Street seems to be betting on that, judging by the stock\u2019s massive Friday move. Marvell shares MRVL, +32.42% rose 32.4% in Friday action, making for a historic day of gains as the stock logged its largest single-day percentage on record. The rally comes on […]<\/p>\n","protected":false},"author":1,"featured_media":14478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-14477","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nMarvell stock rockets more than 30%, its best day ever \u2014 is it the next hot AI play? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Is Marvell Technology Inc. the next hot artificial intelligence play? 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