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MARKET LESSONS:

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UPDATE 2-Chipmaker Marvell Technology beats revenue estimates on AI boom

Reuters
·1 min read

(Adds Nvidia background in paragraph 3, forecast for second-quarter in paragraph 5)

May 25 (Reuters) - Marvell Technology Inc on Thursday forecast its artificial intelligence (AI) revenue would double for the year, after the chipmaker surpassed Wall Street targets for first-quarter revenue.

Its shares rose 13.5% to $56.15 in extended trading, as Marvell became the second U.S. chipmaker in as many days to hitch its wagon to the boom in AI demand.

Larger peer Nvidia on Wednesday announced a second-quarter revenue target more than 50% above market estimates, with plans to boost supply to meet surging demand for its AI chips.

"We are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years," said Marvell CEO Matt Murphy.

The California-based firm also forecast second-quarter revenue of $1.33 billion, above analysts' estimates of $1.31 billion, according to Refinitiv data.

Excluding items, it reported revenue of $1.32 billion for the quarter ended April 29, beating expectations of $1.30 billion.

(Reporting by Sourasis Bose in Bengaluru; Editing by Devika Syamnath)