2023-08-04 17:47:00 ET
Shares of Marvell Technology (NASDAQ: MRVL) have been red-hot on the stock market over the past three months, surging more than 70% thanks to the company's fiscal 2024 first-quarter results, which were released at the end of May.
The chipmaker shot up nearly 30% in a single session following its earnings report for the period ended April 29, as it beat Wall Street's expectations on revenue and earnings, and pointed out that its "revenue growth will accelerate in the second half of the fiscal year." Artificial intelligence (AI) is going to play an important role in boosting Marvell's growth, as management said on the company's May earnings conference call .
That's why investors looking for a stock to benefit from the rapid adoption of AI technology may want to act before the company releases its fiscal 2024 second-quarter results on Aug. 24.
For further details see:
This AI Stock Could Soar Big-Time This Month, and It Is a Screaming Buy Right Now