Marvell forecasts Q4 revenue above estimates due to AI chip demand

Chipmaker Marvell Technology forecast fourth-quarter revenue above estimates on Tuesday, underpinned by robust demand for its custom artificial intelligence chips from businesses racing to develop the most sophisticated generative AI models.

Shares of the Santa Clara, California-based company rose more than 8 per cent in extended trading following the results. The stock hit a record high during Tuesday’s trading session.