Marvell stock soars toward historic gains — is it the next hot AI play?

Is Marvell the next hot artificial intelligence play? Wall Street seems to be betting on that, judging by the stock's massive Friday move.

Is Marvell Technology Inc. the next hot artificial intelligence play? Wall Street seems to be betting on that, judging by the stock’s massive Friday move.

Marvell shares MRVL are up 28.02% in Friday action and flirting with historic gains. The stock is currently on track to log its largest single-day percentage increase since April 11, 2001, but a closing gain upwards of 29.21% would mark the stock’s best day on record. Marvell’s “AI story stole the show and is driving the stock higher,” Needham analyst N. Quinn Bolton wrote in a note to clients, while noting that the company also put dollar figures on its AI opportunity. AI-related revenue was about $200 million last fiscal year, meaning it could reach at least $400 million this fiscal year and double again from there in the following fiscal year.

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