Why Marvell Jumped 251% in the First Half of the Year
Growth accelerated and it got a key endorsement from a tech kingpin.
Overview
Semiconductor stocks have skyrocketed this year, and Marvell Technologies (NASDAQ: MRVL) has been one of the biggest winners.
The fabless chipmaker, which designs custom ASIC chips and optical components, has benefited from the AI boom, strong results, and a prediction from Nvidia CEO Jensen Huang that it would become the "next trillion-dollar company."
Details
According to data from S&P Global Market Intelligence, the stock jumped 251% over the first six months of the year. As you can see from the chart below, the stock didn't really start to gain until the second quarter, when the broader chip sector went parabolic in response to strong demand signals for AI components and a surge in investor sentiment. The jump in Marvell stock in early June was due to comments from Nvidia's Huang.
Source
Originally published at www.fool.com.