tech
March 6, 2026
Marvell stock surges 18% as CEO points to continuing AI demand: 'Do you see me blinking?'
Marvell shares surged on Friday after the company beat earnings expectations and issued strong guidance on continuing AI demand.
TL;DR
- Marvell stock increased by 18% after reporting earnings that exceeded analyst expectations.
- The company issued strong guidance, projecting continued robust demand from the artificial intelligence sector.
- CEO Matt Murphy expressed confidence in the company's outlook, expecting year-over-year revenue growth to accelerate in each quarter of 2027.
- Marvell completed the acquisitions of Celestial AI and XConn Technologies, which are projected to add $250 million in aggregate revenue by fiscal 2028.
- Data center revenue for fiscal 2026 surpassed $6 billion, a 46% increase from the previous year.
- J.P. Morgan reiterated an overweight rating on Marvell stock and raised its price target.
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