MRVL - 1 Artificial Intelligence (AI) Stock You May Want to Keep an Eye on Following Its Latest Pullback
2024-03-17 06:40:00 ET
Marvell Technology 's (NASDAQ: MRVL) red-hot stock market rally came to a grinding halt following the release of the company's fiscal 2024 fourth-quarter results (for the three months ended Feb. 3, 2024) as its guidance turned out to be significantly below Wall Street's expectations.
Shares of the company, whose chips are deployed in multiple end markets ranging from data centers and vehicles to routers and networking appliances, have been retreating since the report came out on March 7. That isn't surprising as Marvell's results weren't impressive enough for a stock that had shot up over 100% in the preceding year.
Let's see what went wrong with Marvell last quarter, and check if the stock's dip is a buying opportunity thanks to its growing artificial intelligence (AI) business.
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1 Artificial Intelligence (AI) Stock You May Want to Keep an Eye on Following Its Latest Pullback