What happened: Marvell Technology (MRVL) stock surged roughly 8% on Tuesday, touching its highest level since June.
What’s behind the move: The semiconductor designer raised its revenue guidance for fiscal year 2028, exceeding the average analyst estimate.
“We expect approximately $20 billion in total company revenue in FY28, representing about 67% year-over-year growth,” CEO Matt Murphy said during the company’s investor day conference on Tuesday.
Marvell had guided to $18 billion in August, while Wall Street had anticipated $18.2 billion for the period, according to Bloomberg data.
The company sees a total addressable AI market expected to reach approximately $400 billion by 2030, driven by custom silicon programs with hyperscalers such as Amazon (AMZN), Google (GOOG, GOOGL), and Microsoft (MSFT).
Read more about trending tech stock moves and today’s market action.
283.47 +12.22 (+4.51%)
As of 12:22:51 PM EDT. Market Open.
What else you need to know: Semiconductor stocks have been at the center of the artificial intelligence trade this year, pushing the broader markets to all-time highs.
Marvell, which competes with Broadcom (AVGO), designs high-speed infrastructure and custom chips that enable AI computers to communicate with one another.
Earlier this year, Marvell stock rallied sharply after AI chip heavyweight Nvidia (NVDA) CEO Jensen Huang described the chip designer as “the next trillion-dollar company.
The company joined the S&P 500 (^GSPC) index in June. Marvell shares are up more than 240% year to date.
Ines Ferre is a senior business reporter for Yahoo Finance.
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