Shares of semiconductor and chip stocks are trading higher in sympathy with Marvell Technology after the company reported strong Q1 results and said it expects AI revenue to at least double in 2024. Continued upward momentum from NVIDIA Q1 earnings and optimism surrounding debt ceiling talks are also boosting the sector.
Portfolio Pulse from Benzinga Newsdesk
Semiconductor and chip stocks are trading higher following Marvell Technology's strong Q1 results and its expectation of AI revenue doubling by 2024. NVIDIA's Q1 earnings and optimism around debt ceiling talks also contribute to the sector's boost.
May 26, 2023 | 4:45 pm
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POSITIVE IMPACT
Marvell Technology reported strong Q1 results and expects AI revenue to double by 2024, driving semiconductor and chip stocks higher.
Marvell's strong Q1 results and optimistic AI revenue forecast directly impact its stock price and positively influence the overall semiconductor and chip sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
NVIDIA's Q1 earnings contribute to the upward momentum of semiconductor and chip stocks.
NVIDIA's Q1 earnings play a significant role in the positive performance of the semiconductor and chip sector, as it is a major player in the industry.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80