Shares of Marvell Technology surged 29% last week after the AI-related chipmaker's upbeat outlook. This growth was spurred on by the success of another company, Nvidia, which also grew on the back of interest in artificial intelligence.
Marvell said that artificial intelligence is a key driver for their growth and is included in their cutting-edge products on a new silicon platform designed for cloud computing. Shares of the company reached a record high of $64.54, marking the highest one-day gain in history.
Marvell's CEO, Matthew Murphy, highlighted the huge growth potential that AI has to offer companies. He noted that the company's AI revenue is projected to double in fiscal year 2024 compared to the previous year.
It's also worth noting that the rise in Nvidia's stock has led to a significant increase in its market value of almost $200 billion due to the company's optimistic forecast for accelerated computing and generative artificial intelligence, which will drive changes in computer systems.