Broadcom and Marvell Stock Prices Drop Following AI-Fueled Surge
Friday, 8 March 2024, 17:42
Summary:
Chipmakers Broadcom and Marvell Technology faced a significant decline in their share prices post an AI-fueled surge, with Broadcom falling by 6% and Marvell by 9.2%. Despite the optimistic outlook on AI computing, both companies' quarterly reports failed to meet investor expectations, resulting in a selloff after reaching record highs.
Impact on Broadcom and Marvell:
- Broadcom's annual forecast maintained despite AI chip sales projection of $10 billion by 2024.
- Marvell forecasted first-quarter revenue and profit below estimates, leading to a 9.2% drop in its stock price.
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