Marvell Technology (MRVL) jumped in premarket trading Wednesday after the chipmaker posted strong quarterly results and issued a rosy outlook amid robust demand for its custom AI chips.
The company guided fourth-quarter revenue of $1.80 billion, plus or minus 5%, handily surpassing the consensus forecast of $1.65 billion. Earlier this year, the chipmaker said it expects AI network and custom processor chip sales to reach $2.5 billion by fiscal 2026, a forecast CEO Matthew Murphy said on Tuesday’s earnings call that the company was overshooting.
Marvell shares were up more than 13% at around $109 in recent premarket trading. Through Tuesday’s close the stock had gained nearly 60% since the start of the year, boosted for insatiable demand for advanced chips that can power the complex processing requirements of generative AI.
Below, we break down the technicals on Marvell’s chart and point out important price levels worth watching out for.
Marvell shares broke out from an …
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