BUZZ-Semiconductor stocks gain after Marvell discloses new AI chip

Reuters04-12

** Shares of semiconductor companies rise on Wed after Marvell Technology disclosed that it was developing a new custom artificial intelligence $(AI)$-powered chip following strong demand from large U.S.-based cloud computing firms

** Philadelphia semiconductor index gains 2.5%, with some of the biggest gainers Broadcom up ~5%, Rambus

up 4.3%, Micron Technology up 4%, and Nvidia

up 3.9%

** Marvell CEO Matt Murphy said on Wed the company has in production a custom AI chip for one cloud computing company and a central processor based on technology from Arm Holdings

for another, both of which will generate revenue this year.

** MRVL, which helps customers such as Amazon.com design custom chips for their cloud computing units, also said it expects to generate $10 billion in AI chip sales

** Trading in MRVL was volatile after falling as much as 3.8% and rising as much as 3.5%, it was shares gave up earlier losses and were last up 0.2%

(Reporting by Chibuike Oguh in New York)

((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment