Marvell Tech shares soar on bullish multi-year AI chip outlook

Marvell Technology rose nearly 11% in early trading on Friday, as its upbeat multi-year forecast underscored booming demand for custom AI chips from large technology companies.

The jump could add more than $10 billion to the company’s market value if gains ‌hold.

Marvell’s strong ⁠forecast comes ⁠on the heels of peer Broadcom projecting more than $100 billion in AI-chip sales next year, signaling demand is spreading beyond AI bellwether Nvidia.