Marvell's AI-powered shares surge following Nvidia's rise.

Marvell Technology's shares surged by 23% after the chipmaker projected a big surge in revenue from the AI boom, following in the footsteps of larger peer Nvidia Corp. Marvell's CEO cited generative AI as a rapidly growing application that is changing investment priorities for cloud customers. The company forecast sales from AI-based offerings to double this year. At least 17 brokerages raised their price targets on Marvell, taking the median price target to $65, implying a 31% upside to the stock's last close.