Shares of Marvell Technology surged to a record high on Wednesday, as the semiconductor firm eclipsed a market capitalization of $100 billion for the first time after reporting better-than-expected earnings and an expanded deal with Amazon to collaborate on cloud software and hardware.

Shares in Marvell Technology 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. Monitor these key chart levels.

Marvell Technology reported upbeat earnings amid exciting earnings season. Analysts raised their price targets, expecting strong growth.

Marvell Technology Inc (NASDAQ:MRVL) earlier issued upbeat fiscal-fourth quarter guidance due to artificial intelligence (AI) demand. The company also reported a top- and bottom-line win for the third quarter and saw no fewer than 17 price-target hikes, including one from Rosenblatt Securities to $140 from $120.

Chief Executive Matt Murphy, for his part, said that “the exceptional performance” in the fiscal third quarter and the outlook for the current quarter are mostly thanks to Marvell’s MRVL AI silicon programs and “robust ongoing demand” from cloud customers.

Marvell tops estimates. Year-over-year revenue growth remained modest at Marvell as it continues to work through an earlier slowdown in the chip sector, but the company still topp

Marvell Technology (NASDAQ:MRVL) is surging 22% higher heading into noontime trading after the semiconductor stock reported artificial intelligence was driving its business far higher than expected. The chipmaker said third-quarter revenue of $1.

Marvell's strong Q3 results show growth fueled by AI focus and data center revenue, making it a compelling buy for AI exposure.