Bond.az reports that Marvell Technology stock surged 6.34% in morning trading to $189.24, hitting a fresh 52-week high of $191.19. The catalyst was Cisco's better-than-expected quarterly results, which highlighted strong AI infrastructure orders from major cloud providers.
Cisco raised its revenue outlook, directly benefiting Marvell as a key supplier of AI data center networking chips. Prior to this, BofA Securities raised its price target for Marvell from $125 to $200, maintaining a Buy rating. B. Riley also increased its target from $156 to $205, also with a Buy rating.
Additionally, AMD disclosed purchasing 65,516 shares of Marvell, signaling a potentially deeper partnership. The broader market was supportive: the S&P 500 rose 0.41%, Dow Jones 0.55%, and NASDAQ 0.39%.
Bank of America revised its AI data center market forecast to $1.7 trillion by 2030, up from $1 trillion. The Federal Reserve held interest rates steady at 3.50-3.75%, providing no disruption. These factors combined to push Marvell to record highs.
