15 AI News Updates That Broke The Internet

6. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 70

Marvell Technology, Inc. (NASDAQ:MRVL) engages in the development and production of semiconductors and is focusing heavily on data centers. On December 4, JPMorgan analyst Harlan Sur raised the price target on Marvell Technology, Inc. (NASDAQ:MRVL) to $130.00, from $90.00, and maintained an “Overweight” rating. The rating follows Marvell’s impressive October quarter results which exceeded Wall Street’s expectations. The company reported sales of $1.52 billion, surpassing the $1.46 billion consensus forecast for its fiscal third quarter. Chief Executive Matt Murphy revealed that the quarter’s growth was largely driven by sales of new custom AI accelerator chips for Amazon and other builders of the so-called hyperscale data centers running today’s huge AI software models.

Harlan Sur’s rating is based on this very impressive performance and promising outlook, driven by strong growth in the company’s data center business, particularly in AI ASICs and AI optical DSPs. Not only has the company achieved better-than-expected results, but has also achieved partnerships with major clients like Amazon and Google which strengthens its market position. Moreover, the company’s positive trajectory in its cyclical businesses, along with its anticipated revenue growth from AI, places it for continued earnings growth heading into 2025.