Marvell’s shares get AI boost a day after Nvidia’s surge

Shares of Marvell Technology soared about 23% on Friday after the chipmaker became the latest to project a big surge in revenue from the AI boom, days after larger peer Nvidia Corp signaled the huge potential for the technology.

The gains were set to add nearly $10 billion to Marvell’s market value as investors chase exposure to AI to counter weakness in many technology companies’ traditional services and products.

“Generative AI is rapidly driving new applications and changing the investment priorities for our cloud customers,” said Marvell CEO Matt Murphy on the post-earnings call, referring to one of the company’s largest segments.