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AI: Marvell Technology stock soars on tech growth trends

The Yahoo Finance Live team checks out chip stocks, including Marvell Technology and Nvidia stock movements amid both companies reporting strong earnings driven by AI.

Video transcript

SEANA SMITH: We also got to talk about this AI frenzy, Akiko, because take a look at some of these chip stocks. We had Nvidia, Marvell Technology today closing the week to the upside. You're looking at gains of about 32% just today for Marvell Technology and Nvidia up 24% over the past five days.

And you take a look at their earnings results from both companies, it's clear as to why there is so much excitement within the market right now. Marvell saying its AI revenue could double in the next year. And, Akiko, that comes on the heels of the very bullish forecast that we got from NVIDIA earlier this week.

AKIKO FUJITA: Yeah, we are seeing the market essentially decide who the winners and losers are going to be in this AI race. Marvell certainly today, at least seeing a huge rally on the back of their numbers. You talk about some of the numbers that we got out from the company.

I thought it was interesting, the CEO on the analyst call saying, "specifically that we considered before AI to be one of many applications within cloud. But its importance and therefore, the opportunity has increased dramatically." Yes, we have heard so many companies talk about the potential in AI throughout the earnings season, but this is one that could be certainly big for Marvell and they are betting big on that.