📊 Marvell Technology (NASDAQ: MRVL) Soars on AI Momentum, Hits $77.10
Shares of Marvell Technology Inc. (MRVL) rallied sharply on Wednesday, jumping +8.57% to $75.99—its highest closing level since early March. The rally comes after the chipmaker raised its long-term data center market forecast and received strong endorsement from Wall Street analysts.
🚀 Key Catalysts Behind the Surge:
- 🔹 Custom AI Investor Event: Marvell upgraded its FY28 total addressable market (TAM) forecast for data centers to $94 billion, up from a previous $75 billion estimate.
- 🔹 AI Market Share Ambitions: The company stated it is on track to capture 20% of the data center market by 2028, a figure that TD Cowen believes could yield $8 in EPS.
- 🔹 Analyst Upgrades:
- BofA Global Research raised its price target to $90 (from $80), citing a rising tide of AI capital expenditures that favors Marvell’s unique data center chip portfolio.
- 🔹 Strong Data Center Revenue Base: 76% of Marvell’s Q1 revenue came from its data center segment, affirming its focus on AI and cloud computing.
- 🔹 Q2 Forecast Confidence: Last month, the company forecast Q2 revenue above expectations, supported by custom chip demand powering next-gen AI workloads.
📈 Technical Analysis:
- Bollinger Bands: The price broke out strongly above the upper band ($74.13), confirming a bullish breakout.
- RSI (Relative Strength Index): RSI has risen to 68.91, approaching overbought territory but signaling sustained bullish momentum.
- Volume: Trading volume was robust at 24.83M, validating the breakout.
- Trend: The stock has cleared resistance levels from April and May, and the next psychological resistance lies near $80.
Despite today’s sharp gains, MRVL stock remains down nearly 30% YTD, significantly lagging the Philadelphia Semiconductor Index (SOX), which is up 6.5% YTD.
📊 Outlook:
If bullish momentum continues and institutional buying sustains, MRVL may test the $77.50–$80 zone next. However, overbought technical levels could prompt short-term profit booking. Long-term sentiment remains highly positive due to its AI chip dominance and revised TAM guidance.
⚠️ Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Trading or investing in stocks and cryptocurrencies involves significant risk. Please consult with a qualified financial advisor before making any investment decisions. The author holds no position in MRVL at the time of writing.
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